Post-open Review… Pyrrhic victory.

Bias-down avoided, struggling to exploit it.

The overnight test of the 2426.50 bias-down signal is clearly relevant. Piercing it by only an errant tick triggered the next bounce in an otherwise single-minded overnight decline. That  3-point bounce reacted down post-open, but stopped optimistically short of touching the pre-open low, and the bias-down target.

Was the single-minded overnight decline done? The post-open dip recovered to attack the 2432.00 bias-down signal as resistance. Then it was tested by 3 ticks. Another reaction down was recovered to fresh highs at 2434.25. Meanwhile, 2432.00 was recovered at 10:15 to trigger “no-bias.”

All of the chipping away at 2432.00 into and out of 10:15 and 10:30 hasn’t produced a break higher. In fact, 2431.00 was just touched. Again. Perhaps that dip only reflects anxiousness as a potential terror attack is reported at Notre Dame. Perhaps a similar inhibition has been preventing a recovery, since there were earlier reports from London Bridge.

At some point, even the strongest-handed buyers will let weak-handed sellers have the lower price that convinces them to buy. And the delay in testing 2426.50 would likely probe lower to 2424.25 or 2421.25.

Regardless, only an offsetting test of this morning’s 2438.25 bias-up signal will be in-play. I suspect any fresh highs would likely extend to new highs. Testing the bias-down target overnight and only attacking it post-open don’t qualify for also putting into play an offsetting test of its bias-up target. But new highs would be likely, anyway.