Post-open Review… Suddenly complacent.

Opening dip holds.

Ranging narrowly around 2504.00-2505.00 into the open had made a dip to 2502.25-2502.50 compelling for long-entry for another bounce, potentially testing yesterday’s high. The open immediately dipped to 2501.50, and recovered to test the 2503.75 bias-up signal.

2503.75 was still being tested at 10:15 and 10:30 to avoid triggering. This is a noN-bias environment. Not a bias-up with a higher target in-play, and not a no-bias with a lower target in-play. But probing the bias-up signal by 1 point held 2504.75.

How do I know that probing the bias-up signal held? Because its reaction down is retesting the low by 1 tick down to 2501.50.

Although an offsetting test of the 2498.00 bias-down signal isn’t in-play, it’s also not required to hold as support if tested. Reminder #1: There is no “unfinished business above.” Reminder #2: Yesterday’s final bounce may have been sponsored by weak hands. By the way, an FOMC policy statement and quarterly Fed Chair Q&A is tomorrow afternoon.

Recovering the 2505.00 opening print through a relevant window could suggest that sellers aren’t exploiting the opportunity. Otherwise, the opportunity remains intact to exploit.