Post-open Review… Last laugh, or last gasp?

Fresh high reject yesterday afternoon’s slide.

Actually, yesterday afternoon’s slide had been rejected already by closing back above the morning’s 2547.25 low. That robbed the downleg’s sellers of their traction. Resolving back up to the drop’s 2553.25 origin isn’t surprising. But gapping up there is a little aggressive, and risks inhibiting reinforcements.

So, the open reacted down. My pullback target at 2551.25-2552.00 held its test, including a blip-down to 2550.25 that quickly recovered. The 2551.50 bias-up signal has triggered, and the 2555.50 pre-open high is now being attacked.

This morning’s 2556.75 bias-up target is in-play. “Unfinished business above” remains outstanding at 2557.00. Just touching 2556.00 would relieve both from becoming unfinished business above, too.

The question now is whether the probe of new highs will be retraced, and when. Back under 2553.25 and 2550.00 through the bias environment exit and noon hour exit would be increasingly likely to trend down much deeper this afternoon. Withstanding both pullbacks would be vulnerable to trending up into the close.