Post-open Review… Suddenly silent.

Post-open action is ranging narrowly.

Tuesday night’s dip and Wednesday’s intraday choppiness are reflecting the market’s widely disparate opinions, and little inhibition from expressing them. The action is warning us that the market intends to try trending, and may even succeed, if not reject an otherwise extended attempt along the way.

Measurements of last night’s swings suggest the template remains influential. But the open has been relatively subdued. A little more volatile than a Saturday or Sunday, but not much.

The pre-open recovery from yesterday’s late 2666.25 low had extended to 2673.50. It was the second overnight retracement, and both had measured 61.8%. But the 2670.00 open only dipped deeper, attacking 2667.00. And now it has been retraced to test 2671.00.

Post-open action isn’t wide enough to have the same sponsorship behind the recent choppiness. And it’s not a function of having expended either buyers or sellers. More of a “dry cleaners morning” is suggested — even if not contained narrowly, still frustrating to trade.

Expiration related? Possibly, if not probably. Yesterday’s WedEX signal suggests there’s sellers into strength. This morning suggests there’s not sellers into weakness. Fresh session lows testing the 2664.25 bias-down signal remain possible, but an organic downdraft (i.e. not triggered by a news) is unlikely.