Post-open Review…Baby steps.

Sellers kinda sorta marginalized.

A morning rally would begin immediately and aggressively, essentially exploiting yesterday afternoon’s short-squeeze setup without further delay. That was the likeliest character for extending higher this morning. And the open did surge 5 points.

But it didn’t follow-through. Which wasn’t necessarily bearish — resuming yesterday’s decline was required to be as abrupt as a valid rally effort. Dipping to 2150.50 through several econ reports wasn’t considered to be more than backing-and-filling.

Bias-up didn’t trigger, but neither did no-bias. The 2155.50 bias-up signal was overlapped at 10:15 to invoke the grace period. Overlapping it at 10:30 avoided triggering a bias. This is a noN-bias environment. The bias-up signal need not define the range’s upper-end, and its 2162.00 bias-up target didn’t require being met.

None of which has prevented extending higher anyway. Fresh post-open highs are probing almost 2 points above the bias-up target to 2164.50, retracing back to and through the origin of yesterday’s plunge. Sellers are very likely marginalized for the day. And despite its slow start (following a fast start), any rally today is likely to be substantial.