Post-open Review… That’s new, for this week.

Opening surge hangs on.

The open surged through yesterday afternoon’s 2138.75 bounce high on the way to 2142.50. A pullback to 2139.75 held as expected, and resolved up to 2144.25.

Although the actual path here was a little different., that’s not a new level, not for this week. Monday and Tuesday both gapped up to this area. Monday exceeded it to attack 2147.00, and Tuesday only attacked 2144.00. Both resolved down sharply.

Resolving differently today is not ensured. But it’s likely. And the more hesitation now to extending higher, the likelier that is ineffectual pessimism, which is potentially bullish from a contrarian perspective.

Impending news like this afternoon’s FOMC events create anxiousness that could trigger selling. And already extending higher does create more room to expend selling pressure without it impacting the upside. Back under 2140.25 could extend back under yesterday afternoon’s high again to 2133.00, and still be likely to recover.

Otherwise, even the most bullish scenario need not resolve up immediately. But ranging flat-to-higher this morning — perhaps up to 2146.00-2147.00 — is likelier than reversing down.