Post-open Review… The big refueling.

Pre-open and post-open sellers get trapped.

My pre-open chaRTroom comments pointed to the ongoing pre-open retest of yesterday’s late 2715.25 low as forcing a make or break situation for sellers. Patient sellers could have made it, by maintaining a shallow post-open break. Strong-handed sellers could have made it, by maintaining a deep break. But the deep break down to 2713.50 came so quickly that it inhibited selling at already deeply discounted prices. So, without attracting reinforcements, the earlier impatient sellers proved themselves to be weak-handed.

Holding the 2715.75 bias-down signal’s test through 10:15 would put into play an offsetting test of the 2725.75 bias-up signal. But the reaction had already tested and held the bias-up signal at 10:15. This is a no-bias environment. A later surge to fresh highs had failed by 10:30 to avoid invalidating it.

Which means this later probe even higher up to 2731.00 is “no-bias trending” that requires being retraced back down to the the 2725.75 bias-up signal… at least. RSIs are overbought at the current high, so reversing down isn’t yet likelier. That can change momentarily.

That can also extend higher. This is unlikely before late afternoon, even if a bigger recovery is coming then. So, trying to reverse down prematurely could correct the rally before it extends up after exiting this afternoon’s bias environment.. Neutralizing the overbought RSI could reverse the trend back down.