Post-open Review… More errands?

Neither bias signal even touched.

Yesterday afternoon and overnight action ranged narrowly, no matter how choppily. So, there’s no actual pattern that reflects buying and selling pressure, or a trigger to unleash it, and a target that satisfies it. Execution is based only on retracement calculations and extensions. All guided within the context of bigger picture influences gleaned from price action through yesterday’s close.

That context is the likelihood for today would likely be about backing-and-filling. The confirmed breakout has entrenched the rally, so that it can afford to rest while weak-handed sellers trap themselves. The rally didn’t gain traction yesterday afternoon, so extending higher this morning was unlikely, or likely to fail.

Unfinished business above at 2094.75 could have coaxed price higher to fail later. Opening strength limited that to piercing overnight highs by 1 tick at 2091.75, also an attack on yesterday morning’s high to within 1 tick.

The reaction down to 2084.75 is reacting up 4 points. Another point is possible while remaining well within the range. Back under 2086.50 would signal fresh lows, having room down to this morning’s 2080.50 bias-down signal.

It’s probably a dry cleaners morning, but not necessarily a dry cleaners afternoon — a Fed speaker is scheduled during the noon hour. Without pulling back more deeply first, resuming the rally during the final hour might require the rubber band effect of a violent momentary blip-down.