Post-open Review… Detour rewarded.

Opening reversal attempt’s failure launches surge.

Probing yesterday’s high and then opening back under the earlier Globex low would have formed a bearish Globex-flip setup. But overnight action never probed yesterday’s high. Never came close.

We gave the setup a benefit of the doubt anyway. A quasi-Globex-flip. Yesterday’s 2707.00 high was so much higher after the afternoon plunge to 2603.00 and closing at 2643.00, and overnight action was still substantial up to 2663.00.

And the 2636.25 earlier Globex low was being tested at the open. Interestingly, it was tested down to this morning’s 2633.50 bias-down signal.

The open’s test of the 2636.25 earlier Globex low held. Well before the opening 15 minutes of volatility had lapsed, it was clearly holding. So, we assumed it wouldn’t trigger. And we assumed what we would have assumed even if not a quasi-Globex-flip setup, that the resolution would be as bullish as the setup would have been bearish.

And the first half-hour tested 2675.00. Interestingly, the 2667.25 bias-up target was still being tested at 10:15 to avoid renewing the bias-up signal.

Being a bias-up environment, there is room down to its 2652.00 bias-up signal. Probing under it during the bias-up window, or until coming within view of it lapsing, requires being retraced, and is just generally more difficult to extend down. Probing it down to 2646.50 has reacted up 10 points to fluctuate around 2652.00.

Breaking lower as the bias environment lapses would be credible for extending, and putting back into play what the open’s bounce prevented — retesting yesterday’s lows if not also resuming the decline. Otherwise, back above 2660.00 would start to signal another rally leg underway.