Post-open Review… Sweet dream.

Overnight rally retraces entirely.

Two influences at this morning’s open stepped in to change the sentiment 180 degrees. First, relentless one-way overnight trending often reverses at the open. And second, greeting the new week with extreme sentiment is often a sentiment extreme.

Extended higher pre-open to 2387.50 and gapping up to the 2385.75 bias-up signal didn’t ensure remaining above Friday morning’s 2384.25 bias environment high. Post-open action has slid to 2380.75.

Another influence is now in-play. Having held a test of the bias-up signal, an offsetting test of the 2377.25 bias-down signal is in-play. This being a no-bias environment, the bias-down signal should define lower-end if tested this morning. Meanwhile, or later, it would likely be probed down to 2374.00 or 2371.50.

The eventual downside has met an opposing influence. The post-open reaction down filled the gap(s) back to Friday’s close, where RSIs diverged positively on its retest. Now, a bounce is testing the resistance of Friday morning’s 2384.25 bias environment high.