Post-open Review… Room with a view.

Pre-open drop’s space filled by big swings.

Rallying this morning was already unlikely. Yesterday’s rally had peaked upon fulfilling its buying pressure at the the afternoon 2341.50 bias-up target. And the intraday rally gained no traction. Not gapping up above prior highs would make downside attractions more likely.

Reacting down from probing fresh highs overnight greeted the open at 2334.75. A post-open bounce had room up to 2339.00-2340.00 for another reaction down. Which it did, touching the 2333.50 bias-down signal.

Then headlines hit. A strong econ report, and news of another healthcare push, triggered a surge up to the morning’s 2342.25 bias-up signal. Which held.

Reacting down yet again has tested 2336.00. Any lower would suggest a new downleg underway. Meanwhile, a bounce now has room up to 2341.00 before suggesting a bigger upleg. Both are likely to hold while awaiting a press conference starting soon. I’m inclined to wait, too.