Post-open Review… The picture comes alive.

Upside target met, meets downside reaction.

Retracing the overnight 20-point rally to 2600.25 had come within 1 tick of the 2580.00 earlier Globex low. Before the open. The open was greeted 5 points higher, making the Globex-flip setup unlikely to try forming.

Immediately rallying post-open became a Running Correction as overnight highs were recovered. It launched a surge to 2607.00, fulfilling the rally’s next higher objective at 2606.00. A collapse began several minutes later and extended to retrace the Running Correction’s 2593.00 low.

Bias-up triggered easily. But renewing the signal above its 2595.75 bias-up target failed at 10:15, despite having probed it by 11 points just several minutes earlier. This is still a bias-up environment, so the bias-up target can be exceeded again and the rally could even resume. But either is always difficult when buyers have gotten ahead of themselves.

We’ve expected a fresh high to test 2606.00, which it did. We’ve expected that probing fresh highs would be tenuous if attempted, which it was and it is. No matter how much we expect that to result in a peak, nothing prevents trying to probe higher and delaying a reversal down.