Post-open Review… Making the most of it.

Detour quickly tests its target.

Having confirmed Friday’s breakout with yesterday’s lower close, bouncing is allowed without damaging the decline’s chart. Otherwise called “backing-and-filling,” the bounce allows strong-handed sellers to regain energy by allowing in weak-handed longs. The patience tends to be well-rewarded when the decline resumes. Meanwhile, the recovery can get carried away to the upside.

The likely upside for today’s backing-and-filling is 2830.75. It was met as the opening 15 minutes of volatility lapsed. Probing slightly higher to 2833.00 minutes later held a retest through the top of the hour. And the next half-hour has only ranged sideways.

Reacting down has room to test 2825.25 before starting to signal  a more significant reversal. Anything shallower would be likely to resume the rally — but probably only this morning or through the next timing window.