Post-open Review… Waiting hours for Minutes.

Fresh post-open lows recover to narrowly avoid bias-down.

The pre-open slide ultimately extended to greet the open at 2193.25. Bouncing up to 2197.00 was resolved down to 2192.00. That was yesterday morning’s low, itself holding a test of Monday afternoon’s lows.

That was the opening 15 minutes of volatility — down 8 points from the close and testing support. Any lower would have fallen over the edge, perhaps less in terms of price than in marginalizing buyers for the balance of the morning.

But bouncing high enough for long enough invoked the grace period, and the 2195.25 bias-down signal avoided triggering. Exiting the grace period above the pre-10:15 2197.00 high was helpful confirmation. Crude Oil’s reaction to its EIA report also helped extend up to 2199.25.

An offsetting test of the 2204.25 bias-up signal is in-play. The signal has already been productive. So, 2204.25 will become “unfinished business above” if left outstanding. Having at least attacked support, flat-to-higher ranging is likely for the next three hours while awaiting the FOMC Minutes.