Post-open Review… Weak highs, but highs.

Open’s weakness sets bearish context for rally.

Upon probing yesterday’s 2787.75 high post-open, the rally required exiting the open above it, preferably also trending higher. But the open’s touch of 2791.00 reversed down throughout the opening 15 minutes. And it extended down to 2782.75.

The likelihood for support at 2784.00-2785.00 was identified as likely to push back. It did more than that, recovering the opening drop’s 2791.00 origin.

The opening drop’s recovery never corrected along the way, and no accumulative pattern had formed. This only adds to the position of weakness already formed by having trended back down throughout the open under relevant support.

None of which has prevented extending up to 2794.50. All of which dooms the post-open bounce to failure. Already, a detached bar at the high has triggered a reaction down attacking 2788.00. Another fresh low would likely extend to fresh post-open lows, if not also repeat yesterday afternoon’s decline. Fresh highs would target 2795.75 if not also 2797.00. And still be vulnerable to failure.