Post-open Review… Optimism is pegged.

Shallow post-open dip, rushed recovery, target met.

If not gapping up, then this morning’s only bullish scenario would first reject a probe under yesterday’s low. Then the 2039.50 bias-down signal must avoid triggering, putting into plan  an offsetting test of the 2050.50 bias-up signal.

Yesterday’s low was pierced by an optimistic 2-tick margin. A buy signal triggered above 2041.50. And the bias-up signal was tested up to 2052.00.

No-bias triggered at 10:15. It was almost invalidated by probing above it. But probing above it was retraced through 10:30. This is a no-bias environment, so its upper-end should be defined by its bias-up signal if tested.

A reaction down was likely to test 2046.00 (now being probed down to 2044.50). Overbought RSIs at the 2052.00 high require its retest, probably by a couple of ticks. But, what then?

Even this morning’s most bullish scenario was likely to resolve down. Probing under yesterday’s lows was no deeper than necessary to qualify. That’s optimism, like the steep recovery resembling impatient buying, which can be bearish from a contrarian perspective. And the bounce’s target has been met and held.

Having dipped to 2044.50, back above 2047.50 would signal that a retest of the overbought RSIs is underway. Rallying any higher would be difficult with the afternoon’s FOMC Minutes release looming. Regardless, notice that substantial intraday trending range is now coming earlier in the day — we’re obviously back in a very opportunistic environment.