Post-open Review… Gap up absorbed.

Opening gains fail to hold.

The 2158.75 opening print as above yesterday’s high. That’s a gap up. The opening 15 minutes of volatility extended higher to 2162.00, trending in a series of higher highs and higher lows. That’s a gap up, maintained.

Yesterday’s rally couldn’t extend this morning otherwise, not since its buyers had failed to gain traction. So, maintaining a gap up allows the rally to resume this morning. But it’s not required.

The open’s 2161.00 inflection point was probed no higher than its first 4 minutes before reversing more than 2 points back down. That wasn’t required to extend down, but it did. And the 2159.00 bias-up signal failed to trigger.

An offsetting test of the 2150.50 bias-down signal is now in-play. Its test would likely give way to also retest Tuesday’s 2141.50 low. The post-open dip has tested 2154.00.

That 10:15 signal could have been invalidated by recovering the 2159.00 bias-up signal at 10:30. It wasn’t. Invalidation is still possible at 11:30, but then by recovering the bias-up signal’s test up to 2162.00.

Meanwhile,a bounce is now retesting the 2159.00 bias-up signal. Back under 2157.50 would signal the next downleg underway. Any higher could lead to invalidating the downside attractions.