Post-open Review… Better late than never?

Late start to fresh highs may lack sponsorship.

Rallying this morning was likely to begin early. But rallying early wasn’t any likelier to be maintained. The overnight rally put that to the test. Immediately spiking up 7 points to probe overnight highs up to 2624.00 didn’t extend higher. It was retraced and reversed down to 2609.50.

That was still positive territory. And the 2625.25 bias-up signal wasn’t touched, so an offsetting test of its bias-down signal wasn’t put into play. The open was volatile enough not to form a “dry cleaners morning” setup.

Now the morning is rallying late.

The 2634.50 bias-up target is being probed by nearly 7 points. It wasn’t in-play, so anything above 2625.25 is “no bias trending” that requires being retraced. Its retracement could extend down to the 2617.00 10:15 print. Overbought RSIs at 2641.25 will either delay that, or else require a recovery.

Finally rewarding yesterday’s failed rubber band stretches is normal. Surging to compensate for the delay is normal. The delayed timing is only borderline normal, but that can be corrected by retracing its no-bias trending. Regardless, not trending down into a seasonally bullish weekend is normal, regardless of rallying.