Post-open Review… Two much, two soon.

Two aggressive rally legs met by big selling.

Similar to the overnight 12-point rally that had reacted down 9 points, a post-open 10-point surge was retraced, too. And then some. Almost 3 points under its origin.

Gapping up above 2086.00 was likely to extend through 2088.00 and resume the rally. The 2091.75 bias-up target was soon exceeded on the way to 2097.25.

Being within the renewed bias-up target area, a lot of buying pressure was satisfied. But its reaction down slid all the way to the 2091.75 bias-up target. And then its support cratered by plunging down to 2084.25.

The 2086.00 bias-up signal was overlapped at 10:15 to invoke the grace period. It was recovered through 10:30 to trigger late. Its target and renewed target have been met, so resuming the rally isn’t required. But sellers did not regain control.

I’m still giving every benefit of the doubt to resuming the rally. The balance of this morning might become a little choppier and less trending. But overbought RSIs at the 2097.25 high require an eventual retest. Meanwhile, the burden of proof is still on sellers.