Post-open Review… Rescued from under the ice.

Another dip recovered.

The 2740.50 bias-up target was probed overnight by more than 6 points. But its reaction down touched 2722.25 before the open. Rallying through the open tested 2735.50, and retested it after quickly dipping 8 points and just as quickly recovering.

Probing under the 2733.50 earlier overnight low was recovered in time to be still be tested as the opening 15 minutes of volatility lapsed. It wasn’t rejected decisively, and not for lack of trying. Neither was it recovered decisively. But the few times this setup does appear it tends to be absorbed, and resolve as bullishly as it would have been bearish.

The next reaction fell 10 points to test and retest 2725.75. But that didn’t prevent another bounce from touching the 2732.50 bias-up signal in time to invoke the grace period. It triggered at 10:30, helpfully also probing the pre-10:15 high.

The 2740.50 bias-up target is already met, being probed by at least 1 point. It is resistance, but this is still a bias-up environment which can extend. This being Friday, the morning’s bias tends to persist through the noon hour. And this being expiration, morning setups tend to influence the session.