Post-open Review… Post-open paradigm shift.

Overnight slide reverses straight up.

A relatively narrow sideways range had developed from Friday’s close through Monday and well past midnight. Its eventual break just after Europe’s opens was far enough removed from this morning’s open that we couldn’t rely on it being a false break. Butt that didn’t prevent its complete retracement anyway.

Fluctuating around unchanged at 2776.00-2777.00 had broken lower to 2767.00 where RSIs diverged positively. A 4-point bounce reacted down to touch 2766.00 at the open. Another bounce developed immediately, holding the 2767.75 bias-down signal.

Holding the bias-down signal’s test through 10:15 would put into play an offsetting test of the 2777.25 bias-up signal. But the post-open bounce was much stronger than its pre-open predecessor, and tested the bias-up signal in time to invoke the grace period.

Now having held a test of the bias-up signal, a test of the 2767.75 bias-down signal is back in-play. It’s not required to be tested since it was tested already post-open. But it’s usually tested anyway.

Perhaps more relevant is the non-arbitrary amount of buying pressure expended post-open. It touched a relevant resistance during a relevant window. Expending so much energy so soon leaves none in reserve, which I would have expected to eventually test the overnight highs. Instead, now the question is whether a test of the overnight lows is underway.