Post-open Review… Is that distribution in your pocket?

Post-open surge collapses. Again.

The distribution template we discussed before yesterday’s open was likely to influence the market from a fresh high. The open probed Friday’s high, but only filled the gap back up to Thursday’s close. Thursday’s high wasn’t touched before price collapsed.

That didn’t change whether the template could still be tracked. Au contraire, yesterday’s action endorsed the template’s active influence. But collapsing was only likelier to require a fresh high, first. And preferably, a fresh high that fulfilled the 2552.00 unfinished business above.

This morning’s open maintained a gap up above yesterday afternoon’s 2547.00 high to suggest momentum was reversing up. A sudden surge probed fresh highs up to 2553.25. And as quickly, 2552.00 was being tested as support. Then broken, as price collapsed to 2543.00.

There is no more unfinished business above required to attract price higher. Even today’s 2549.00 gap up was under prior highs, so it doesn’t require a retest from below. That room for a pullback down to 2536.00 would no longer be a pullback, but a trend reversal. So, resuming the rally despite no upside requirement would be bullish.