Post-open Review… Ah, Bermuda.

Oh, Bermuda Triangle.

My pre-open comments noted that the overnight rally was still only noise within the range. The upper-end of that range being defined by this morning’s 2859.50 bias-up signal. Either reinforcements would arrive without delay, or else the bounce would be rejected.

So, neither. A quick dip down to 2856.00 reacted right back up to 2859.50 — and sat there. The grace period was invoked at 10:15, buying the bias-up signal some time. Meanwhile, an Ascending Triangle had formed, and it started breaking higher.

“Either, or” became “neither, nor.” Delayed trending has gained traction and triggered late bias-up. Its 2866.25 bias-up target is in-play.

Which is odd. No odder than yesterday’s detour up from the morning’s late bias-down. This range’s reactions to otherwise normal influences makes me think of the legendary Bermuda Triangle. Ironically, one week ago it was reported that Bermuda Triangle’s mystery may be due to “rogue waves.” Someone tell Prechter and Elliott.

So, the late break higher is valid. Being late, its bias-up target isn’t required, but the fresh post-10:30 high helps to confirm it anyway. Of course, yesterday’s post-10:30 low offered similar confirmation, just before reversing up sharply. But bias-up still gets a benefit of the doubt until a reversal signal triggers, currently under 2859.50.