Post-open Review… Step 1: stop declining.

Still waiting on Step 2: start rallying.

Bullish WedEX has accompanied a previous Sunday night collapse and its recovery. Perhaps expiration has started having a more global influence. But I’m not yet making that adjustment. We’ll still judge its performance by whether this morning rallies past the open.

We’re still waiting.

The overnight drop was retraced all the way back up to 2580.25, whose recovery through the open would have been optimal. The opening bar only touched it before spiking down to touch 2577.00. Any lower through the open would have turned us bearish.

Ultimately, no-bias has triggered. Not touching and rejecting the bias-down signal post-open means an offsetting test of the bias-up signal is not in-play.

Rejecting overnight tests of both bias-down parameters usually produces at least an eventual test of the bias-up signal, anyway. There’s room to test it until the no-bias environment lapses. There’s also room for a dip to test the 2575.25 bias-down signal, with room for noise down to 2574.00.

It was already a concern that isolating the probe under Friday’s lows to the overnight wasn’t rewarded by trending up post-open. Now that has become suspicion since fresh highs up to 2581.25 haven’t yet accelerated.

Recovering still gets a benefit of the doubt, whether or not this morning. But probing under relevant support through the bias environment exit would be bearish.