Post-open Review… Stopping short.

Pre-open recovery loses sponsorship.

Rallying through the ECB events continued ignoring the Globex open’s spike down. The open was greeted 1 tick short of this morning’s 2469.00 bias-up signal, and short of yesterday’s highs. As was suspected, buyers were already expended from the overnight recovery, so that’s as good as it got.

The first reaction down corrected almost entirely. The second reaction down slid to 2460.00-2461.00. The bias-down signal was still being tested at 10:15 to invoke the grace period. Its test was repeated at 10:30 to trigger noN-bias.

RSIs had improved to the point of diverging positively. That didn’t require a bounce, but it bounced. The open is being attacked up to 2467.25. That’s not far from the 2469.00 bias-up signal, despite the noN-bias signal not requiring an offsetting test.

Exiting the bias environment back under 2464.00 would start to signal the bounce was only a temporary correction. Fresh session lows and probably also a new downleg would be likely. Otherwise, entering the noon hour above 2469.00 would be credible for filling the gap back up to Friday’s 2474.00 cash session close.