Post-open review… Optimistic pessimists.

Gap down after trading halt finds a lot of buyers, or a lot fewer sellers.

I”m reluctant to get bullish on this morning”s 97.50 point rally from 1831.00 up to 1928.50. Another 3-4 points would have made a big difference.

No, I”m not really that particular about the exact calculations. Structure is more important, and the market has been ranging around last night”s initial 1911.00 low.

Relevant resistance would be cleared at 1931.00. Without extending higher, this morning”s nearly 100-point bounce may yet prove to be only a temporary correction.

Having drifted back down toward the range”s 1898.25 low, recovering back above 1920.00 would start to suggest another upleg underway. Otherwise, there”s no particular requirement to resolve down immediately. But resolving down would likely find a couple of air pockets on the way back down to 1882.00 and 1851.00.

One observation about the bigger picture — the “throat” of October”s “V” bottom around 1882.00 has held its test through the bias environment beginning to lapse. Apart from the near-term signals listed above, the biggest proof of extending down would be to enter the noon hour back under 1882.00.