Post-open Review… Up, a lot (but a little less).

Open breaks under the overnight range.

Having probed Friday’s high overnight, exiting the open under the earlier Globex low would trigger a Globex-flip setup. The 2814.00 overnight had reacted down to test the 2798.00 earlier Globex low down to 2795.00. So, the Globex-flip setup had formed.

But did it trigger?

The 2798.00 earlier Globex low was still being overlapped as the opening 15 minutes of volatility lapsed at 9:45. The setup has no grace period, but it’s optimal to have resolved by then. Price soon collapsed down to 2785.00, and its reaction up didn’t threaten to recover 2798.00 (it was just attacked, much later, to within 2 points).

The Globex-flip setup’s influence would point down through this morning — and if not already reversing up through this afternoon, then down through at least tomorrow morning, too. The minimum likely near-term objective is 2784.00 (now being tested down to 2781.25), and for having delayed its test, probably also 2773.50.

Otherwise, back above 2795.50 would start to signal the bearish setup’s influence was overwhelmed, targeting a retest of overnight highs.