Post-open Review… In the slop.

Relief rally isn’t being rejected. Nor extended.

Last night’s 2672.50-2677.50 open had retraced before Europe’s opens down to 2660.50. It was all recovered before the open up to 2678.75. Actually opening back under the earlier 2677.50 high began another retracement, this time down to 2666.00 before bouncing.

Very gradually, the post-open dip has been recovered to the 2676.25 opening print. The 2672.75 bias-up target wasn’t recovered in time to renew the bias-up signal, but this is still a bias-up environment. A retest of Friday’s 2680.50 opening high is likely, up to 2681.50.

Back under 2671.50 would start to signal the range is resolving down. A downleg prior to probing last week’s highs wouldn’t likely gain much momentum. But reacting down from fresh highs could find a massive rubber band stretch being snapped back.