Post-open Review… Trolling for buyers.

Did the right price and time finally coincide?

Any bullish scenario for this morning was required to quickly dispose of selling pressure. This morning’s open couldn’t have disposed of sellers faster.

The overnight low pierced the 2333.00 bias-down target by 3 ticks. Several points had been recovered already pre-open. The open dipped momentarily to 2334.00 and then extended the recovery. The opening 15 minutes of volatility lapsed at the 2338.50 bias-down signal. Extending higher during the next 15 minutes attacked the 2345.50 bias-up signal to within 3 ticks.

Rallying out of the open was the only other bullish scenario described for today. So, if not probing the overnight low and rejecting it, then the next likely path up was to avoid triggering bias-down altogether. More so, the three-day holiday weekend’s illiquidity is getting exponentially closer. Entering the morning’s bias environment in positive territory suggests strongly that sellers are marginalized.

One caveat is the overnight lows. They don’t require a retest. So, any setup that targets fresh lows would have potential to probe substantially lower. Back under 2340.50 would at least target 2337.00, if only 2337.00. But the burden of proof is on sellers.