Post-open Review… Stuck.

Gap up is neither rejected nor extended.

The 2002.25 overnight high was formed coming out of Europe’s opens. It hasn’t been rejected. Ranging back down to 1995.00 persisted into the open. It persisted through the open, too.

Actually, post-open ranging narrowed to 1996.00-2001.50. Dry cleaners morning?

Bears are undermined by not quickly rejecting the gap up to a prior extreme. By also not quickly extending the gap up, a momentary detour down becomes likely so the momentum of its recovery can boost the rally. As that detour down delays recovery, the eventual rally boost becomes less likely, or likely to be brief.

Nothing requires extending higher, not today or ever. But the ongoing consolidation is forming congestion which is likely to be retested by a failed trending attempt.