Post-open Review… Laying the groundwork.

Holding support before this afternoon's WedEX.

Yesterday's 2336.75 low had been attacked to within 1 tick overnight. It was pierced by 1 point before the open. It was touched only two minutes before the open, and held.

That's just noise, and not stretching the rubber band so it can snap back up. Its reaction was likely only to test 2343.00. Attacking it to within 1 tick was reversed to touch the 2339.75 bias-down signal. And only touch it.

No-bias triggered cleanly, putting into play an offsetting test of the 2348.25 bias-up signal. Already piercing a fresh high up to 2343.25 after 10:15, invalidating the upside objective is possible only by exiting the bias environment under the 2337.25 pre-10:15 low.

Nothing requires recovering this morning. But if not yet rallying through the noon hour, then the bullish WedEX would have little excuse not to rally into the weekend.

Post-open Review… Stickiness.

Flat-to-lower open trades lower-to-flat. The overnight slide had extended down to 2344.50 before bouncing into the 2348.00 open. And through it, up to 2349.75. That tested the bias-up signal by 3 ticks, which held through 10:15 to trigger no-bias. An offsetting test of the 2342.00 bias-down signal was attacked to within 3 ticks or less. It […]

Post-open Review… Momentum slows, the pendulum swings..

Pre-open dip stalls the rally. Yesterday’s lower open was the rally’s tool to replenish its energy. Holding a test of its bias-down signal through 10:15 had indicated that sellers were weak-handed — impatient and ineffectual — and trapped. Their scrambling to cover shorts or to re-buy helped to fuel the intraday recovery to new highs. […]

Post-open Review… Half-hearted sellers still selling.

Bias-down signal held its test when it mattered. Last night’s narrow ranging had tried recovering before the open but only touched the much earlier 2327.25 overnight high. Trending down from there into and out of the open probed fresh lows at 2320.50. Ultimately, the 2321.50 bias-down signal held its test through 10:15, putting into play […]

Post-open Review… On a streak.

Overnight rally, pre-open recovery, post-open surge. The open was greeted back at the 2318.00 overnight high, having recovered from a dip to 2313.50. Probing fresh highs through the bias timing window attacked the 2323.25 bias-up target to within 3 ticks. A pullback to 2319.50 has recovered to touch 2323.25. I’m a little suspicious about extending […]

Post-open Review… Gap up maintained, so far.

Gap up, bias-up… but a little slow to follow-through. The 2308.00 opening print was only 1 tick above yesterday’s high. Above it, at it, or even slightly under it, the relevant question is whether the opening 15 minutes of volatility trended through it. And it did, up to 2310.00. So, after yesterday’s rally failed to gain […]