Tuesday”s open needed to extend

Tuesday”s open needed to extend higher with little delay to anticipate a morning rally. Not that the alternative was down. Trending, at all, is difficult to start too much after the open. And trying to trend too late can be contrarian. That was the case Tuesday, which waited until triggering no-bias before testing its bias-up signal, and then essentially trended down through the balance of the session.

2084 was retested as support and was recovered again through the close. Which means nothing — that doesn”t prevent extending down Wednesday or require recovering. Closing under 2084 would have put into play 2077, but a separate signal can put that into play.

Perhaps the most bullish element to Tuesday”s price action is that it didn”t exploit opportunities to establish lower objectives. The example above of holding 2084 as support is all the more relevant for coming after a bounce that had neutralized upside attractions (due to no-bias trending).

So, extending down to 2077 at this stage could gap down to it Wednesday to compensate for the delay. By the same token, gapping up above Tuesday afternoon”s 2090 high could resume the recovery attempt that had been underway.

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