Post-open Review… No shortage of opinion.

Astonishingly wide opening swings and THEN news.

The open was greeted at 2720.50 and extended post-open to within 5 ticks of the 2727.25 pre-open high. That also tested the 2725.25 bias-up target, and its reaction quickly fell to 2712.00. Then a slightly shallower bounce fell to 2707.50. Both bias-up parameters were well on their way to being rejected.

Then came a Trump tweet, favorable to China trade negotiations.

The reaction was nearly immediate, returning to the 2725.25 bias-up target. That triggered the 2717.75 bias-up signal, bias-up target met. This is still a bias-up environment, and the bias-up signal has held as support. Fresh highs are testing 2732.25.

Back under 2724.50 (being touched now) would start to signal another downdraft. Further downside during the bias-up environment should be limited to testing the 2717.75 bias-up signal as support — and then be vulnerable to retrace the headline reaction back to session lows. Back above 2728.75 (also being tested now) should instead resume the rally with potential to 2741.00.