Post-open Review… Not so fast, there.

Gap up extends too late to be credible.

The open’s gap up to this morning’s 2949.00 bias-up target only touched 2850.50 before dipping. The dip stopped 1 tick short of touching yesterday afternoon’s 2846.25 bias environment high, whose break would have rejected the early strength.

So, early strength isn’t being rejected early? Not necessarily. At least, not decisively enough to default to being bullish. While the gap up was ultimately maintained through the opening 15 minutes of volatility, it didn’t extend. But neither was it rejected, so sellers weren’t marginalized.

Not until after 9:45 were overnight highs probed up to 2852.75. Regardless of the opening pattern, maintaining the recovery above this morning’s 2849.00 bias-up target would have renewed the bias-up signal. Then a very last-minute 4-point spike down probed under 2849.00 by 1 point just in time to prevent renewing bias-up.

If this sounds like a lot of contradicting indications, that’s because it’s a lot of contradicting indications. The offsets undermine each other, and make trending in either direction difficult. So does this: Since 3 of the first hour’s 5 15-minute checkpoints overlapped the same relevant level (2849.00), this is a “dry cleaners morning” which is unlikely to trend.

Breaking beyond either end of a 2848.25-2851.75 range would be credible for trending in that direction. Its upper-end is being pierced now, to touch an unconfirmed fresh high at 2854.00. This is still a bias-up environment, albeit having failed to renew. And there is room down to the 2843.75 bias-up signal until the bias environment comes within view of lapsing.