Post-open Review… Stuck.

Overnight pullback neither expending nor recovering.

The opening minute quickly touched the 2636.25 pre-open/overnight low, then bounced to the 2645.50 bias-down signal. This characterization of the open almost serves to define the rest of post-open price action. The 2637.50 bias-down target held repeated tests and attacks as support, while the 2645.50 bias-down signal also held repeated tests as resistance.

The picture didn’t get any clearer. Still testing the bias-down signal within 3 minutes of 10:15 invoked the grace period through 10:30, which was still overlapping the bias-down signal. This is a noN-bias environment. Not bias-down targeting a retest of its 2637.50, and not no-bias targeting tests of the bias-up parameters. The bias parameters are still influential as support and resistance, but there tests don’t require a specific resolution.

Meanwhile, the grace period did probe a fresh post-open high up to 2650.25. Yet, that was retraced in time to avoid recovering the 2645.50 bias-down signal. The setup would have been pretty bullish, putting into play offsetting tests of both bias-down parameters. Not exploiting the setup in-time to trigger tends to be as bearish as it could have been bullish. That started to develop with a reaction down to 2640.00, but now fresh highs are being probed up to 2652.75.

noN-bias is unpredictable, other than identifying its support and resistance. Exiting the bias environment at 11:30 above or below its 2645.50 bias-down signal could offer more reliability for the next leg. But what we do know at this stage is that weak-handed buyers are still stretching the rubber band, probably gaining no traction for their effort.