Post-open Review… Stuck.

Bias-up preventing constructive pullback.

An opening dip attacking 2597.00 would have been the morning’s most reliable bullish scenario. An attraction back up to the 2602.50 pre-open high could have restarted the overnight rally. But the open has only ranged narrowly at or under 2602.50.

Meanwhile, bias-up has triggered, targeting 2604.50. Back above 2601.50 (being tested now) would start to signal its test underway. Meanwhile, back under 2599.75 (not yet pierced by at least 3 ticks) would make a detour likelier down to 2597.00 (+/- 1 tick) first — under 2500.00 would confirm.

At least 3 of the first hour’s five 15-minute checkpoints all overlapped the same relevant level, the 2600.50 opening print. This suggests inertia, if not preventing trending this morning, then at least ensuring a trending attempt will be retraced.

Inertia, or not, hovering around the open isn’t likely to define the session. Triggering bias-up gives the upside a benefit of the doubt. But all signals should be viewed a little skeptically today, due to low holiday volume, today’s early close, and the weekend’s impending illiquidity.