Post-open Review… “It’s not about the money.”

It was about the money. And relief rally is underway.

Indictments were unsealed before the open, and they are basically tax evasion charges. No association with the Trump campaign or Russian collusion in any way. There wasn’t an immediate relief rally, but the overnight dip ended. The open’s first intraday opportunity to react was a blip-down that pierced the preliminary 2571.50 level by 1 tick. It snapped back up to 2575.25 before the opening 15 minutes of volatility had lapsed.

My pre-open comments to the chaRTroom had identified the 2571.25 area a compelling buy, but preferably AFTER first touching the 2569.75 bias-down signal. That predicate didn’t happen. Consolidating through the bias timing window has resolved up to 2577.50. Its recovery through the open would have been bullish. Its recovery now would be likely to fill the gap back up to Friday’s 2578.50 close.

Meanwhile, the White House has issued a statement that the indictment doesn’t involve it, and alludes to involvement with Hillary Clinton’s campaign manager. It’s too late to trigger bias-up, but probing Friday’s 2580.75 high during the no-bias environment can’t be dismissed. Back under 2573.50 would suggest yet another, bigger shoe is dropping.