Post-open Review… Choppy sloppy.

Gapping up avoids trending.

The overnight rally came within 1 tick of this morning’s 2891.50 bias-up target. Its resistance was already pushing back when pre-open ECB events and CPI triggered a reaction down to test the 2884.25 bias-up signal as support. The 2887.75 open was within 1 tick of yesterday’s open.

The open has continued attracting price to it since then. More tests of the 2884.25 bias-up signal as support have held, and now 2887.75 is being retested. Already before the open fluctuating between the bias-up parameters, and then through the open almost triggering “Dry Cleaners morning,” the market seemed reluctant to trend.

Meanwhile, multiple test of the 2884.25 bias-up signal as support all but require an obligatory probe lower, probably to 2881.00 if at all. Back under 2885.50 would suggest that’s underway.

Otherwise, fresh highs decisively through 2887.75 would have room to fresh highs, but no predictability of its path before this afternoon’s FOMC Minutes.

Speaking of which… This morning’s sloppy choppiness might be the product of this afternoon’s FOMC Minutes already inhibiting sponsorship. Similarly it reflects the market’s focus on the Minutes. So, a volatile opportunity in its wake remains likely.