Post-open review… The easy way AND the hard way.

Pre-open spike”s retracement is recovered.

The pre-open spike touched 1968.75 — testing the 1967.00 upside attraction back to Monday”s “higher prior lows” — before reversing back down to its ~1955.00 origin. And lower, attacking 1952.00. Its reaction up had reversed back down through the open to 1951.50.

But as I described while it developed, there was no significant difference between that action and yesterday afternoon. This morning”s reaction to its news was a much steeper spike up than yesterday”s eventual firming after the Beige Book release. Still, each instance saw two attempts to reverse down that failed.

And each failed reversal attempt became swept up by a timing window. Yesterday was the position-squaring window at 3:37-3:52. This morning was the opening 15 minutes of volatility through 9:45. And there the similarities return, as each extended 15 points higher before correcting.

Each has also gone on to higher highs. In fact, the pre-open spike up”s 1968.75 high was just touched. Reacting down has violated its 1967.25 pullback limit by 2-1/2 points. Back under 1962.50 would start to signal a deeper correction underway. But recovering 1967.75 would resume the rally.