Post-open Review… Scale model.

Open’s surge reverses down, but only a little this time.

Having pulled back from the 2549.75 overnight high to 2544.25, greeting the open at 2548.00 could have resumed yesterday afternoon’s recovery. But quickly extending to within 1 tick of the overnight high at 2549.50 was reversed down as quickly. And more so, to 2546.00.

The gap up was shallower than Monday and Tuesday, and so was its reversal down. But the pattern is no less distributive. Also similar to the prior two sessions, today’s post-open reversal down hasn’t extended. It has recovered to 2549.00.

Almost any higher than 2549.00 would put into play a test of this morning’s 2551.50 bias-up signal. There’s also room below to the 2543.75 bias-down signal during this morning’s no-bias environment. Trending after that would be likely, albeit inhibited ahead of this afternoon’s FOMC Minutes release.