Post-open Review… Skittish buyers.

Overnight bounce is retraced.

Testing the 2181.25 bias-up signal overnight was attacked twice more before the open. The restrained optimism was potentially bullish from a contrarian perspective. But it was only pre-open, so it hadn’t yet been triggered.

And it wasn’t. The open immediately began dipping. The gap back down to yesterday’s 2177.50 close was filled, and then probed almost 2 points lower momentarily Neither bias signal was touched post-open, making this a no-bias environment.

Holding the pullback to yesterday’s closing gap would make the post-open pessimism ineffectual. Also potentially bullish from a contrarian perspective. It’s similarly interesting that abruptly reversing a rally effort was influential pre-open. that’s perhaps a little too pessimistic, considering there is still unfinished business above at 2185.50.

No offsetting test of the bias-down signal is required. If tested anyway, it should define the range’s lower-end. Exiting this morning’s bias environment in positive territory would suggest this morning’s pessimistic effort had failed. An afternoon could rally begin.