Post-open Review… Worst fears.

Yesterday’s range is sticking.

I voiced one concern before the open for today’s session: that the pre-open volatility was deceptive, still being contained within yesterday afternoon’s range. On Fridays, not already trending through the open, or at least during the morning, can be very difficult to trend again before the weekend.

The open hinted at some new volatility, separate from the pre-open Employment Situation reaction. A 10-point pullback through the open down to 2699.00 reacted up to eventually trigger late bias-up. Probing fresh highs up to 2716.00 between 10:15-10:30 adds reliability to a late signal. But price action since then has developed mostly back under yesterday’s 2709.00 high.

While buyers haven’t exploited the bias-up, sellers haven’t retaken control. Exiting the morning’s bias environment at or above the morning’s 2711.00 bias-up signal helps to maintain its influence. And now this afternoon has triggered noN-bias by still testing its 2705.00 bias-down signal, and not triggering it. Sponsorship isn’t making itself apparent, which can be even more limiting on Fridays.

Be careful if trading anyway, trending attempts could still develop. But fading trading attempts and limiting the exposure to several points and/or several minutes continues to be preferable.