Post-open review… Ex-WedEX?

Opening dip avoids recovering in time to re-establish momentum.

The bullish WedEX indicator triggered not at Wednesday”s close, but by proxy at Thursday”s gap up. Triggering late made it less reliable. But that became moot when it influenced Friday afternoon.

So, it”s influential this morning, too. That doesn”t prevent dipping, but it does make the dip”s recovery likely. In fact, holding a test of the 2121.75 bias-up signal has put into play an offsetting test of the 2113.75 bias-down signal. So, that test is likely to recover.

Just by gapping up there was extra room created to absorb post-open selling pressure. Gapping up at all at this stage is not bearish, and suggests that any reaction down will ultimately recover. The bullish WedEX might not be very productive, but its upward bias should ultimately overcome any pessimistic price action.

Of course, rallying strongly was likely this morning, which isn”t (yet) happening. Until the pre-10:15 2116.50 low is broken, exiting the bias environment at 11:30 above its 2121.75 bias-up signal would invalidate the lower objective… and reinstate the rally to new highs.