Post-open Review… Will gravity take it from here?

Open’s blip-up attracts only sellers.

Pre-open action had returned to hovering pessimistically short of probing the 2506.00 high. The opening bar’s spike up to 2507.25 was retraced almost as quickly back down to 2504.75. Another surge back up to 2507.25 was resolved similarly, albeit more slowly. Slower, but more substantially, probing under the pre-open’s range down to 2503.75.

The dip lasted long enough not to trigger the 2507.00 bias-up signal. And having tested it, an offsetting test of the 2498.00 bias-down signal is now in-play.

Normally, gravity would suffice for attracting price to fulfill an offsetting test. Today, ahead of this afternoon’s FOMC events, gravity is competing against anxiousness. Fresh lows aren’t assured, and neither is avoiding another test of the highs — more so if fresh lows haven’t yet been probed before the FOMC.