The open turned out to be more optimistic than expected. The $TICK just could not go below -850, which is much higher than yesterday's low. In other words, there is more buying at today's low or less selling than at yesterday's low.
We then got a 50% correction of the overnight range.
Just before the bounce up to the 50% correction point, the $TICK started to trend upwards for a long entry. At the 50% correction, the $TICK started to trend down for a good short entry or liquidation of any longs.
At the test of the 0930 ET open, the $TICK again indicated some buying interest or liquidation of short positions, which again is giving a bounce to the upside.
Charles
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