Post-open Review… Second chances in a choppy market.

Another double-pumped recovery fails.

Last night’s dip under yesterday’s 2072.25 lows had recovered back up to fresh overnight highs. But that wasn’t maintained, and overnight lows were probed.

A bounce greeted the open, and it quickly touched the 2076.00 bias-down signal as resistance. Quickly reacting down to 2068.00 was recovered back up to fresh post-open highs. But that wasn’t maintained, and overnight lows have been probed even lower.

Sellers and buyers both are getting a lot of second chances. And those second chances are being exploited.

Buyers now have a second chance to retake control. The 2071.00 bias-down target wasn’t broken through 10:15, so the bias-down signal is not renewed. The target had been met already, and it was met later anyway, while RSIs avoided becoming oversold. The nearest renewed bias-down target has been met, too.

None of which changes that this is a bias-down environment. But renewing the bias-down signal at 10:15 would have essentially put into play 2055.00-2056.50. That was avoided. It can be exploited by exiting the bias environment in rally mode recovering 2076.00.

Otherwise, 2055.00-2056.50 is the next lower objective, and the next opportunity to launch a rally back through last week’s highs.