When we're looking for daily bias, we start by looking at the weekly draw on liquidity to identify potential buy or sell programs. Then, on an individual daily basis, we wait for a PO3 setup to materialize. In this case, if we've been bearish on S&P and NASDAQ, it means that the opening price will likely be near the high, and anything above the opening price would be viewed as a Judas swing, a fake rally intended to entice traders to go long before aggressively trading lower.
ESU2023
NQU2023
When we're looking for daily bias, and we're bearish, we wait for initial delivery that's opposing. That means it's against, it's not in the same direction of where we want to see the market go to. So initially, we want to see some kind of false movement in the opposite direction that does not scare us, that doesn't make us second guess our analysis. This means that that's exactly what we're looking for, and there's a lot of retail traders that thought that these markets and these levels up here were going to go higher, and it just simply was not going to do so.