Post-open Review… One false break deserves another.

Rallying into and out of the open.

The last overnight downleg was a plunge to 2559.50, which had originated from a Symmetrical Triangle. The pattern tends often to break falsely in one direction before reversing more substantially in the opposite direction. Being an overnight pattern, its influence had to be obvious through the opening 15 minutes of volatility to be influential intraday.

In fact, the triangle’s upper-end was retraced entirely up to 2581.50 before the open. But it was fresh post-open highs that confirmed a bigger reversal underway. And by any measure, the triangle’s false break was exceeded by rallying to 2595.00.

Meanwhile, 2595.00 is this morning’s bias-up signal. And it triggered (late after invoking the grace period). Its 2585.75 bias-down target is already met, so it won’t become “unfinished business below.” But 2595.00 should still define the window’s upper-end, or else require being retraced.

In fact, 2595.00 is being probed right now up to 2601.00. It requires being retraced. Actually reversing back under 2593.00 would start to signal this morning’s bounce had ended and is reversing back down. Otherwise, extending the rally this afternoon would target a retest of yesterday afternoon’s overbought RSIs at 2618.75.

BONUS: Here’s a video description of the Symmetrical Triangle’s setup, and the overnight influence’s setup:

https://ilos.video/gIYi77