Post-open Review… Compartmentalize THAT.

Opening above yesterday’s lows marginalizes sellers.

Despite having dipped overnight down to 2070.25, opening above yesterday’s 2076.25-2077.50 lows could compartmentalize the bearish sentiment. Proof would come from maintaining that much of a recovery, and then also quickly extending it.

The 2080.25 opening print blipped-down 3 points before surging to and through the 2086.25-2087.00 objective I had described during the pre-market Tour. The gap back to yesterday’s 2089.50 cash session close has been filled to within 1 tick.

Only pre-open price action tested the 2076 bias-down target. So, recovering the 2083.75 bias-down signal puts into play an offsetting test of only the 2092.75 bias-up signal. Extending to the 2099.00 bias-up target this morning isn’t likely. Possible, but not likely.

Overbought RSIs at 2091.25 require its retest. Traction gained by yesterday afternoon’s rally suggest the recovery will extend this morning. Only violating a pullback limit at 2088.00 is creating an obstacle.

Actually, the two prior opening patterns are also obstacles to extending higher this morning. Similar to this morning, they also surged post-open, held tests of resistance, and then reversed down substantially. I’ll give the recovery credit so long as the 2083.75 bias-down signal holds as support.