Post-open Review… Position of strength.

Quick opening surge creates post-open room to retrace.

The overnight range’s late surge had attacked 2676.00. It was reversed down as quickly as it had surged. Reacting down into and out of the open pierced the 2668.00 bias-up signal as support. It was reversed as quickly as the overnight reversal.

And the overnight reversal was recovered. Surging through the opening 15 minutes of volatility pierced 2678.00. The next 15 minutes added another point.

Exceeding the 2674.00 bias-up target through 10:15 has renewed the bias-up signal. This essentially puts into play a test of 2684.25. More important, it creates a position of strength for the chart to absorb counter-trend sponsorship.

Speaking of which…

The open’s entire rally has been retraced back down to 2668.75. It behaved as if there was a headline catalyst, but I haven’t seen it. Regardless, the position of strength makes the rally likely to resume. Back above 2674.75 (being tested now) would all but confirm.

Otherwise, there is a path down. Probing fresh lows through the bias environment exit would start to suggest that 2674.00 has held, and that its room for noise is not an attraction.