Post-open Review… Minimum strength, maximum rejection.

Overnight recovery and post-open high reverse down sharply.

We’ve come a long way from being willing to consider sell signals this morning. Sell signals have triggered, and price has reversed down, a lot.

A property of the “session-long rally” setup is that fresh highs should be probed the following morning. That may have seemed unlikely when the close collapsed 12 points to 2662.00, and when overnight action extended down another 10 points to 2652.00. But rallying from midnight through the open got to 2680.50.

Follow-through fulfilled.

That high is within 1 tick of this morning’s 2680.75 bias-up target. Its reaction down to 2661.00 through the bias timing window avoided triggering the 2672.00 bias-up signal. Rejecting the bias-up signal puts into play an offsetting test of the 2654.00 bias-down signal. Rejecting the bias-up target, too, puts into play an offsetting test of the 2648.25 bias-down target.

Already, the 2654.00 bias-down signal is being attacked to within 1 point. Oversold RSIs at the low require its reaction to fail. And it is reacting, back up to 2661.00. Almost any lower could find an air pocket or two that are unable to offer support for awhile.