Post-open Review… Back-and-fill.

Gap up is retraced.

Gapping up doesn’t qualify as “almost literally exploding higher.” Actually extending higher post-open would have qualified, but that didn’t develop. The 2695.25 opening print was exceeded momentarily up to 2698.00 — which also probed the 2697.25 pre-open high — but the first half-hour otherwise trended down.

Not exploding higher post-open was likelier only a rubber band stretch. Its snap back down rejected both bias-up parameters in the process. The 2688.00 bias-up signal was still being overlapped at 10:15 to invoke the grace period, but it was being probed down to 2684.25 at the 10:30 grace period. Offsetting tests of both bias-down parameters is now in-play.

Having triggered late, no “unfinished business” will be left outstanding below. At least the 2672.25 bias-down signal’s test is likely, but not necessarily its 2664.50 bias-down target. Exiting the bias environment back above its 2694.75 bias-up target would invalidate the downside altogether.

Regardless, this morning’s post-open dip should be only temporary backing-and-filling before resuming the rally. The open’s gap up is a position of strength. The open did fill the gap back up to  last Tuesday’s cash session and futures closes, giving sellers a little more credibility — but another test of last Tuesday’s gap should provide limited resistance.