A pre-open bounce attacked the overnight high and 1926.50 resistance. A post-open slide attacked this morning’s 1919.00 bias-down signal. Reacting up barely became unchanged by 10:15, clearly triggering no-bias.
The reaction up had begun prematurely, stopping 4 ticks short of touching the drop’s likely 1918.50 target. The reaction up was steep, retracing 30 minutes of selling in less than half that time. And the reaction up was aggressive, extending to fresh highs at 1929.75.
But the reaction up was too late to trigger the 1928.50 bias-up signal, which is likely to define the no-bias environment’s upper-end. As I noted earlier, vulnerability to an afternoon sell-off is not inhibited by a morning rally. The opening rally’s premature origin and steep slope actually make an afternoon sell-off likelier.
Exiting the noon hour above 1932.00-1933.50 would start to suggest buyers actually gained traction for this morning’s efforts. Otherwise, while there is no requirement to reverse down, the vulnerability would unusually large.