Post-open Review… Sellers begging to differ.

Gap up is retraced.

Gapping up to the 2473.50 bias-up signal blipped-up to touch the 2475.00 pre-open high. That was done while hovering at the open, maintaining the gap up. Maintaining, but not extending. The opening 15 minutes of volatility lapsed, and so did support, as price collapsed to attack 2467.00.

An offsetting test of the 2465.50 bias-down signal is in-play. It is being attacked now to within 3 ticks, so it won’t become “unfinished business below” if left outstanding. Its test should define the morning window’s lower-end. So, a bullish scenario would not only pierce or overlap it but also try probing under it. This impatient pessimism could be bullish from a contrarian perspective.

We began tracking a Head & Shoulders after Thursday’s close. The overnight / pre-open high held a test of the pattern’s left shoulder. That doesn’t require completing the pattern and launching a downleg, but it makes that bearish resolution more possible. There’s still potential down to the left shoulder’s 2362.75-2363.50 lows without yet confirming the downleg underway. And recovering 2470.25 would help to resume the rally.