Post-open Review… This one’s going to leave a mark.

Another gap up fails.

Not just another gap up. A second consecutive gap up to prior highs, that failed to exploit its opportunity to extend higher. Buyers didn’t gain traction yesterday, so this morning’s path higher required extending a gap up. Not extending almost immediately at the open undermined the bullish template.

A bullish scenario could have quickly tested yesterday afternoon’s 2470.50-2471.75 “lower prior highs” and rallied out of the open. Testing lower prior highs during the open only sat there, shutting that rally’s door.

Ultimately, the 2473.00 bias-up signal failed to trigger. The late no-bias environment has put into play an offsetting test of the 2465.00 bias-down signal. Even more ultimately, the ongoing Head & Shoulders pattern has continued forming a right shoulder, and risks extending down to trigger a new downleg.