Post-open Review… Pavlov’s dry cleaners..

No clear path or volatility.

Sunday night’s opening rally to 2477.50 was within Friday’s range. Its gradual retracement overnight was within the opening rally’s range. Sponsorship, such as it is, isn’t attempting anything not produced already. Opening flat could have attracted intraday sponsorship, but didn’t. This is a “dry cleaners morning,” often better spent running errands.

Having said that, holding the open’s test of unchanged does suggest that sellers aren’t retaking control. Potential for probing into negative territory can’t be prevented, but it would likely be recovered.. Meanwhile, probing into negative territory isn’t at all required.

The overnight retracement of its initial rally does reflect some degree of restrained optimism. Especially when the past two weeks are dense with gaps up. Failed gaps up. So, could that be Pavlovian conditioning at work? It was too muted to be sure, but a more obvious downdraft would still be likely. And there’s room under 2472.50 to test the 2467.75 bias-down signal.