Post-open review… One down. Two up?

Open”s drop is absorbed and reversed.

As expected, regardless of its direction, the open”s first trending attempt was likely to extend 5-6 points. Try 7, from 2126.00 down to 2119.25. That fulfilled unfinished business below left outstanding yesterday.

It also touched this morning”s bias-down signal. And oversold RSIs there were quickly neutralized. Price has trended back up since then.

So, also as suspected, the attraction below could be tested without reversing momentum down — if its test were isolated to a relevant timing window. Having bounced already to 2126.25, the downside momentum does seem done.

Holding a test of the bias-down signal through 10:15 has now put into play an offsetting test of the 2128.50 bias-up signal. Extending above it would next be attracted back up to yesterday”s pre-open high. Its test isn”t required, but it would better enable a downleg to begin.

Regardless of the path higher, it remains intact so long as pullbacks hold any test of 2122.50. Timing is likely to be impacted by the impending  afternoon release of FOMC Minutes.