Post-open Review… Early birds get worms again.

Opening rally is reversed.

The third time’s a charm, when you’re monitoring for it. That’s the case with this morning’s third consecutive rejection of initial optimism. It’s already responsible for a 9-point slide.

The overnight rally from 2495.50 had reacted down from touching yesterday’s 2501.25 pre-open. Resuming the rally greeted the open at 2503.50, instantly fulfilling the prior two sessions’ “unfinished business above.” Extending higher to 2505.00 also tested this morning’s 2504.00 bias-up target.

But the bias-up target had yet to be triggered. Which it wasn’t. Reacting down overlapped the 2499.50 bias-up signal at both 10:15 and 10:30 to trigger noN-bias. And like the two prior sessions, price action within the next 3 minutes was breaking under the bias signal that had otherwise held through 10:30.

The reversal has touched 2496.00. Attacking yesterday’s close to within 2-3 ticks is now reacting up. Nothing requires actually filling the gap, but oversold RSIs at 2496.00 undermine the reaction’s sponsorship.

Recall that Monday and Tuesday’s rejected optimism each had left outstanding “unfinished business above.” Not today. Even if bias-up had triggered, its target was already met. And the unfinished business above was already neutralized. Recovering like the prior two sessions is much less assured.