Post-open Review… Good, better, best.

Rally’s extension retraced, and reversed.

Gapping up to 2252.00 wasn’t immediately attractive. Blipping-down before probing higher still peaked 5 ticks short of the 2255.25 pre-open high. And even that was reversed down to a fresh low. But the fresh low stopped 1 tick short of even touching 2248.00.

Its break would have marginalized buyers — instead, its attack dumped all available sellers. So, momentum reversed up. More than 11 points.

That probed “higher prior lows” above 2255.00 for the first time intraday. And 2257.50 was being tested. Both held, and both were rejected. A simple correction would target 2251.00, and it was quickly tested.

2251.00 was also quickly broken, and soon this morning’s 2254.25 bias-up target was being tested down to 2244.00. It was too late for probing under 2248.00 to marginalize buyers. And too early. It’s still being tested now, as the bias environment comes within view of lapsing.

The open gapped up, and extending higher made it a productive gap up. Exiting the bias environment under the open’s productive gap up is not bullish. Not unless another rally leg exits the noon hour back above the open.

Oversold RSIs at the low still require a retest, but I would start giving that a benefit of the doubt back above 2248.00. Otherwise, nothing prevents filling the gap back down to Friday’s 2236.50 close, or even resuming the decline next targeting 2215.00.