Post-open Review… Rewarding patience.

Restrained optimism absorbs impatient selling.

The wide overnight range around yesterday afternoon’s 2654.00 high was actually centered around 2648.00. Which is also the opening print. A blip-up to 2651.00 resolved down. Or, tried to resolve down. Repeatedly. Dips to 2643.00, 2641.00, and ultimately 2638.50 each recovered to 2648.00.

The last recovery was during the opening 15 minutes of volatility lapsing. Its timing suggested that sellers had failed. The reward for absorbing them was to retest their origin at 2651.00.

This being a renewed bias-up environment, the post-open rally is free to extend. It has. The overnight high is being attacked to within 1 point at 2657.00.

Already probing prior highs through the open would have been likelier to maintain traction, and to extend higher. Reactions down would have been likelier to recover. This morning’s rally may extend higher and recover dips, but sellers aren’t marginalized. Whether or not distracted by the Zuckerberg testimony, there will be vulnerability to reversing back down intraday.