Post-open Review… Treading water, in a draining pool.

Recovery to overnight highs is reversed entirely.

Reacting down from the 2616.50 overnight high had touched 2580.50. The 36-point drop was retraced enough to greet the open at this morning’s 2609.00 bias-up signal. Several brief attempts to extend higher post-open had eventually probed the overnight high by 2 points. But no reinforcements arrived.

No-bias triggered, putting into play an offsetting test of the 2571.75 bias-down signal. Soon after the first hour had ended, a drop began that soon probed the objective down to 2566.00.

The 2571.75 bias-down signal should define the window’s lower-end before the no-bias environment begins lapsing at 11:30. Breaking under it within 10-15 minutes of then would be credible for extending. Otherwise, probing it earlier would be “no-bias trending” and require at least to retest the bias-down signal as resistance before extending down.

I wrote that last paragraph as the objective was being approached. It was overlapped deeply enough to identify a buy signal at 2575.00 with a minimum 7-point target above. Its quick reaction became almost a 30-point bounce attacking 2595.00.

Being a Friday, the morning’s bias signal should persist through the noon hour. This bounce isn’t very credible. Back under 2582.25 would start to signal that another correction has ended, and resume the decline. The pattern remains intact unless this morning’s bias-up signal were recovered.