Post-open Review… Tooth and nail.

PROGRAMMING NOTE: I AM AWAY FROM THE SCREENS BETWEEN 11:30-1:30 ET TODAY.

A substantial bottom can be formed by only attacking prior lows, and not actually recovering from a probe lower. Substantial, not durable. The 2736.00 pre-open low stopped 3 points short of the initial overnight low. Bouncing to 2750.00 was retraced to a fresh low at 2736.00, but the earlier overnight low was untouched.

That proved to be enough to launch what has become a substantial bounce. Its first reaction up attacked this mornings 2747.25 bias-down target. Retracing it to 2738.00 held through the opening 15 minutes of volatility and was recovered entirely.

Then more. Much more.

The reward for preventing the bias-down from renewing (i.e. breaking under the bias-down target through 10:15) was at last to retest 2750.00, if not also the 2753.25 bias-down signal. The latter was touched in time invoke the grace period, and now it is recovered in time to trigger late no–bias.

No-bias, after holding tests of BOTH bias-down parameters puts into play offsetting tests of both bias-up parameters. Triggering late is less reliable, but the 2766.25 bias-up signal’s test is still likely. Already 2763.00 has been touched, and overbought RSIs there require a retest.

Back under 2753.25 would signal momentum reversing down, confirming this bounce has been only a correction and that 2722.00 is still on the path down before a durable path up.