Post-open Review… Turning back.

More than Friday’s late dip is being retraced.

Friday’s Market Wrap had noted that the path up would begin by gapping back up above 2674.25. Essentially, the 5-7 point probe under it after the cash session close must be proved to have been an anomaly. In fact, Monday night’s open gapped up to 2674.50.

The path higher had other demands, like triggering bias-up, if not also renewing it. In fact, overnight action eventually extended to probe this morning’s 2687.50 bias-up target by 3 ticks. Despite the open reacting down immediately to 2681.75, the 10:15 bias timing window was probing fresh session highs at 2690.00. Bias-up renewed.

The 2692.75 renewed bias-up target was just attacked to within 3 ticks. RSIs diverged negatively on its retest and reacted down immediately to 2687.50. The drop originated from a close-quarters Double Top, and its 2691.00 pullback limit hasn’t been probed deeper than its first 3 minutes, so the dip may be temporary.

Regardless, the renewed bias-up target is essentially a retest of Friday’s 2698.25 high, probably up to 2699.75-2700.75 and 2703.00. Otherwise, back under 2686.25 would start to signal the corrective bounce was done.