Post-open Review… Early buyers < Early sellers ^4.

Another opening surge gets swallowed whole.

Pulling back from overnight highs still held on enough to gap up. And that gap up recovered back to the overnight high, essentially. Then price collapsed, back down into yesterday’s range. That’s four times this week, every day. The pattern reflects distribution — stronger-handed sellers increasingly taking advantage of rising prices.

This pattern can persist indefinitely on the way to higher and higher highs. But it usually doesn’t. More and more strong hands tend to begin adopting the same pessimism. Which eventually leaves only the weakest hands holding long.

This pattern tends to end when it becomes too difficult to conceal. Collapsing 13 points within a half-hour is among the largest post-open reactions — not the largest, but the fastest.

This pattern can be most bearish when it leaves no unfinished business above. The 2780.25 opening gap was retested already from below, before rallying to within 1 tick of the 2783.50 overnight high. Nothing above requires a retest.

Nevertheless, there’s a bounce is underway. That fast collapse was actually the no-bias signal fulfilling its objective for an offsetting test of the 2771.25 bias-down signal. It was exceeded by a single sentiment extreme of 8 errant ticks. Recovering 2772.75 and 2775.25 could attack the open’s highs. But back under 2771.25 could launch another collapse, and prevent confirming yesterday’s breakout.