Post-open Review… Deja vu.

Retesting yesterday’s highs.

The overnight rally was punctuated by a pre-open surge up to 2677.00. Just a few ticks under yest4erday’s pre-open high, which we assumed to be pessimism and potentially bullish from a contrarian perspective.

Its post-open reaction down broke under 2666.00 and met its minimum likely target at 2661.50. Then the entire reaction was retraced to touch yesterday’s pre-open high. Touch, and only touch, which is still pessimism and potentially bullish from a contrarian perspective.

Maintaining the upside momentum would keep in-play 2687.00, which is the likely minimum target for having confirmed backing-and-filling to the open. Extending that can be even more rewarding — potentially 2702.50 and 2725.25. Meanwhile, another reaction down is retesting 2666.00, whose break no longer has so much a target as a consequence, that the recovery is failing.