Post-open Review… Warning shot.

Post-open dip is recovered, for now.

As was suspected, the narrow overnight range wouldn’t bear any resemblance to this morning’s action. Which explains the second minute launching 4-minute 3-point surge to 2509.25.

It also explains the 4-1/2 point reaction down to 2504.75. Actually, not even a 3-point drop, once it finally got underway. (The open’s surge had quickly settled into a consolidation.)

It also explains the reaction’s recovery, back up to 2509.25. So far.

So far, because we’ve also suspected this morning would probe new highs. Gapping up would have ensured it, and also made the probe durable. Not gapping up could still produce new highs, and become very vulnerable to reversing back down.

The post-open reaction down could be a glimpse of that reversal down. Reversing is always difficult on Fridays. Reversing down is more difficult — not only from an intraday high, but from a multi-session high.

The past two Fridays threatened to collapse, and recovered instead. The same is entirely possible today. But look out below if not, if unusually slower afternoon volume prevents absorbing another dip back into the range, and the post-open dip was only a warning shot across the bow.