Post-open Review… Then there were none (again).

Opening action is tracking the topping template.

All of the elements to forming a top have been produced already this morning. As for reversing the trend down? They’re working on it.

The overnight blip-up to fresh highs at 2556.50 was retested at the open. The combined test and retest would have sufficed for being the complex, concerted effort that Friday’s pattern suggested this morning would produce. Just to be sure, another push higher touched 2557.75.

The overnight blip-up had come close enough to satisfy “unfinished business above” at 2556.75-2557.00. Just to be sure, that extra push higher probed them both. Still testing 2557.00 and barely piercing it at 9:45 undermined upside momentum. So did overlapping Friday’s 2555.50 highs at 10:15.

But that was still a bias-up. Its reaction down was testing the 2556.00 pullback limit at 10:15, but it was still a bias-up. Then the reaction down got serious, plunging back down to the 2552.00 overnight low. The pullback limit was violated, lapsing upside momentum. And the 2554.00 bias-up signal was touched within 3 minutes of 10:15 to invoke the grace period. It was still being overlapped at 10:30 to trigger noN-bias.

So, this is not a no-bias, which would have put into play an offsetting test of the bias-down signal. But neither is it a bias-up with a higher objective. The reaction down is free to extend. And since the open’s gap up was still within Friday’s range — not above all prior highs — it extending down wouldn’t leave its retest outstanding as new unfinished business above. Only entering or exiting the noon hour above 2556.00 would help to give buyers traction.