Post-open Review… Slowing down into the weekend.

Open easily absorbs overnight reversal.

Probing overnight above yesterday’s high and then exiting the open under the earlier overnight low would have been very bearish. Probing overnight above yesterday’s high and then holding a test of the earlier overnight low would have been as bullish as the other setup would have been bearish.

This morning did neither. And not for lack of proximity. Just for lack of trying.

The 2797.00 earlier overnight low had been probed down to 2795.50 several hours before the open. Its reaction still hovered just above 2797.00 right into the open. But the reaction’s 2801.50 high was retested, and the 2797.00 earlier overnight low was ignored. Neither the setup nor its rejection developed.

That wasn’t in itself bullish, but missing a bearish opportunity is relatively bullish. This didn’t prevent reversing back down anyway, but the burden of proof was on sellers. And they barely touched the 2793.50 bias-down signal. Then failed to trigger it.

Having held a test of the bias-down signal, an offsetting test of the 2804.00 bias-up signal is in-play. Any higher would open the door to 2709.00 and 2713.00. Back under 2797.00 again would not necessarily reverse momentum down, but it would at least suggest another detour to extending the rally.