Post-open review… Comping for the delay(s)

Pre-open tumble and post-open plunge all recovered.

The pre-open rally to 2119.75 had retraced to the 2112.00 bias-up signal. Bouncing into the open tested the 2114.75 preliminary level, whose recovery through 9:45 would have made the bias-up signal likely to trigger at 10:15.

By the same token, holding the test of 2114.75 would make bias-up unlikely to trigger.

Headlines about Ukraine rebels made 2114.75”s test react down. Hard. The first 5 minutes plunged 8 points to 2107.25. Suffering the consequences so quickly made 2114.75”s test irrelevant. Bias-up still could trigger.

Bias-up did trigger, already testing the 2118.00 bias-up target. It wasn”t exceeded in time to renew the bias-up signal, but reaching it so late didn”t prevent its momentum from extending higher to 2120.75.

Absorbing yesterday morning”s sell-off should have produced this rally yesterday afternoon. Gapping up above yesterday afternoon”s 2116.00 high should have resumed it with a vengeance.

Exiting the bias environment above 2121.25 is the next possible confirmation that a rally targeting new highs is underway. Back under 2112.00 would have have little excuse for not extending down aggressively.