Post-open Review… Staking out a claim.

Pre-open surge’s post-open extension fails.

Like yesterday, the session began optimistically, and rewarded buyers for taking early action. The overnight rally had been hovering above yesterday afternoon’s 2793.50 highs, while stopping pessimistically short of yesterday’s late 2797.00 high. The pre-open CPI report triggered a knee-jerk reaction up to 2804.00-2805.00. It was retraced entirely.

Recovering into and out of the open probed fresh highs at 2807.00. Although the 2794.75 bias-up signal triggered easily, the 2802.50 bias-up target exceeded long enough to renew the bias-up signal. Now the 2794.75 bias-up signal is being tested and retested as support.

Being a bias-up environment, 2794.75 should define the window’s lower-end. Back above 2797.00 and 2799.00 would signal the dip was done and momentum is reversing back up. Otherwise, like yesterday, another bias-up decline may be underway.