Post-open Review… Getting worked up.

Post-open rally returns to positive territory.

A fresh low before the open came within 2 ticks of this morning’s 2789.25 bias-down target. Rallying into the open and through the opening 15 minutes of volatility was testing the 2794.75 bias-down signal. That had extended to 2798.00 when “no-bias” triggered.

Having held a test of the bias-down signal, an offsetting test of the 2803.50 bias-up signal is in-play. Already probing higher since 10:15 makes the upside objective highly likely to be met sooner rather than later.

Nevertheless, back under the 2795.00 aera would start to signal the bounce had failed. Natural resistance at yesterday’s 2800.50 cash session close is now being touched, after trending up relentlessly for an hour. Any relief rally from Fed Chair Powell’s opening remarks is probably waning.