Post-open Review… Uncalm after the storm.

Pre-Yellen optimism vs. post-Yellen optimism.

The relatively narrow overnight range had tried breaking lower pre-open. Its pre-open recovery became a post-open surge, from 2174.25 up to 2180.75.

Rather than patiently hunkering down ahead of Yellen’s remarks, the market decided to greet them with a stiff upper-lip. Clearly, the open had become a battle between optimism and pessimism. And Yellen’s remarks clobbered optimism right in its stiff upper-lip.

Already ahead of her comments and triggering a sell signal under 2178.00, price plunged in reaction down to the setup’s 2170.75 target.

Excessive optimism, meet excessive pessimism.

Even more impressive was its immediate reaction back up to a fresh high at 2181.50. Another reaction down held the 2177.00 bias-up signal as support, gravitated around a 2178.75 sell signal (which had been unfinished business from yesterday, and surged again to attack 2187.00.

That’s the renewed bias-up target. It’s not officially in-play, since the 2182.00 bias-up target was still being overlapped at 10:15. But exceeding 2187.00 through 10:30 would suggest a bigger squeeze into the noon hour.

Meanwhile, back under 2180.50-2181.25 would open the door to fresh session lows, if not also for the week.