Post-open Review… Second Bites?

Pre-open dip recovers. Emphasis on “pre-open.”

The overnight dip had retested yesterday’s noon hour low down to its 2410.00 objective. And then lower to 2408.00. Natural support at Thursday’s 2408.50 opening print was leveraged by both 1-minute and 3-minute RSIs diverging positively.

The reaction recovered back into yesterday afternoon’s range up to 2413.50. The open’s bobble recovered to attack the 2415.75 bias-up signal within 1 tick. It didn’t trigger, so this is a no-bias environment.

The bias-up signal attack was a little late and a little short, so an offsetting test of the 2404.00 bias-down signal isn’t in-play. Not officially. Not very much unofficially, either, this being a Friday and sponsorship becoming less interested.

But the overnight dip is vulnerable to being retested so long as momentum hasn’t actually reversed up. Which it hasn’t. And overnight action never qualifies as the only bite at the apple. So, almost any break lower would likely probe fresh lows, like this morning’s bias-down signal or lower.

Meanwhile, exiting the bias environment trending up could extend into the afternoon. Don’t forget about the Friday Factors, which can extend a trending effort or fresh session extreme beyond usual constraints.