Post-open Review… No bear in sight.

Open’s surge outlasts WedEX return.

The open gave retail trades a chance to express the same sentiment that had driven the overnight rally. Ranging flat-to-higher around 2690.00-2693.00 into the open was replaced suddenly by surging to 2698.00. Backing-and-filling since then has retraced the open’s surge down to 2693.00.

The opening 15 minutes of volatility trended up. This invalidates the bearish WedEX. Trending back down is still possible, even throughout the bias environment as the setup would. But it won’t be because of the WedEX influence. Similarly, trending back down through the bias environment is unlikely.

Retracement is still possible. Ending the session much lower is less likely, although still possible, while some temporary intraday dip is likelier. Currently testing 2695.00 support, its break’s minimum objective is to test 2688.00.

Back above 2697.00 would target new highs, to 2699.75 and then 2703.00. I’m not going to dismiss the potential for an already excessively optimistic rally to exhibit yet more excessive optimism without an interim pullback. I can only caution that its presumed catalyst is vulnerable to headline risk at any time.