Post-open Review… Too much, too early.

Pre-open dip does end-run around sellers.

Timing is everything. This morning’s pattern was unlikely to range narrowly. If not resuming the decline, then a little more backing-and-filling to the upside would be likely.

Breaking under the overnight range at the open would have reflected strong-handed intraday sellers. Breaking under the overnight range BEFORE the open only inhibited post-open sellers. So, the 2120.50 opening print surged up to 2125.50, attracting buyers instead of sellers.

Sellers still had something to get out of their system, and produced another dip. But now the dip was originating well AFTER the open. Its downside potential was limited. And even that limited potential only attacked the 2115.50 bias-down signal to 2117.50.

Backing-and-filling to the upside didn’t trigger the 2130.50 bias-up signal. It was probed, but still overlapping it at 10:30 didn’t invalidate the no-bias — regardless of extending to 2134.50, or its overbought RSIs there. And somewhat confirming no-bias remains intact, an 11-point reaction down just attacked 2123.00.

Back above 2128.00 (being tested now) could launch a retest of the 2134.50 high’s overbought RSIs. Back under 2124.25 would start to signal the reaction down had resumed, that a decline required no more backing-and-filling before resuming.