Post-open Review… Slowing it down.

Opening range struggles to hold yesterday’s high.

Overnight action was comprised of two uplegs and their interim reactions down. Each reaction down has probed back under yesterday’s high. None of which would prevent extending the rally, or resuming it since the rally has yet to extend. But the open did fail to trigger bias-up.

Now an offsetting test of the 2481.75 bias-down signal is in-play, having held a test of the 2502.75 bias-up signal through 10:15. That’s the bias requirement, and already fresh post-open lows are testing 2487.75.

Structurally, no further downside is required before trying to resume the rally. Back above 2503.75 would trigger a retest of the 2519.25 overnight high, probably up to 2525.25. All being doomed to failure for having originated from so low, so late.

Meanwhile, a test of the 2481.75 bias-down signal wouldn’t be required to hold. This being a Friday, any suggestion that the rally won’t resume today could be the catalyst to attract significant selling pressures. A much deeper reversal would become possible.