Post-open Review… Tried, tried again.

Overnight and post-open dips trap shorts.

The overnight slide eventually reached 2874.50, 20 points under the overnight high. The open was greeted at this morning’s 2885.00 bias-down signal. The opening 15 minutes of volatility ranged widely (and wildly) between 2879.00-2888.50.

2885.00 was recovered through 10:15 to trigger no-bias, putting into play an offsetting test of its 2899.50 bias-up signal. A fresh high between 10:15-10:30 confirmed the signal, and also made its test likelier during the bias environment.

Actually, 2899.50 was met during the next breath. It was tested and retested while RSIs worked off an overbought condition. Now its reaction down is attacking 2889.00, and anything lower would target 2885.00. While being likely to hold as support, its break could resume the decline.

Closing above Friday’s late 2895.00 high would start to signal a bottom is forming. But closing above Friday’s early 2914.00 high is still needed to signal the trend reversing up.