Post-open Review… Aaaand, it’s off.

Pre-open rally fizzles.

Yesterday afternoon’s bounce gained no traction for its effort. So, immediately extending the rally today required gapping up above yesterday’s highs. Rallying overnight to test 2934.00 created a 5-point margin.

Not enough.

The open was greeted just 2 ticks under yesterday’s morning’s 2929.50 high. Immediately rallying from there still would have been credible, but the pre-open dip extended down to 2924.00. This morning is a no-bias environment.

The 2930.50 bias-up signal wasn’t touched post-open, so it wasn’t actually rejected, so no offsetting test of the 2921.25 bias-down signal is in-play. Either signal should hold if tested this morning.

Lower lows aren’t required, but there’s room for noise down to 2921.25 which must hold 2919.00 to avoid anything more substantial. Back above 2927.75 would start to signal another rally effort underway, albeit probably limited until the afternoon bias environment starts lapsing.