Post-open Review… Hurried up, and waited.

Opening surge or dip prevented by post-open hovering.

Having extended the pre-open recovery up to 2573.75, almost any opening strength would have been credible for extending higher. Alternatively, Greeting the open at overnight highs allowed a quick dip to stretch the rubber band and snap back into recovery mode.

But the open did neither, instead impersonating Wile E. Coyote skidding off of a cliff. Dipping to 2571.50 held there for several minutes instead of snapping back up. Inertia was not helpful at this stage of the recovery attempt, and as with Wile E. Coyote, gravity eventually took over. Fresh lows dipped deeper back into yesterday afternoon’s range, no longer in character with a temporary rubber band stretch.

Touching 2569.00 did trigger a reaction up to 2571.75. Its recovery through 10:30 would have been the final — albeit least reliable — opportunity for signaling that sellers were done. Any higher any later could still extend, but its likelier that the balance of the morning range sideways, if not also retest 2569.00.