Pre-open comment… Knee-jerk reaction rule in effect.

The explosion at Times Square triggered a 5-point drop to 2652.25. The potential for lower lows was likely so long as 2654.50 held tests as resistance. It didn’t. Back above 2655.50 is starting to signal the dip was absorbed and that momentum is reversing back up.

Intraday action is likely to experience some selling pressure, too. It must hold tests of 2653.25 to avoid a deeper drop.

What do we know about knee-jerk reactions to headlines? They’re usually retraced to their origin. This morning’s drop originated at 2657.25, which has only been recovered to within 3-4 ticks. That was at least 15 minutes ago.

The hesitation is pessimism, which is potentially bullish from a contrarian perspective. So, an opening dip has room down to 2653.25 before becoming unlikely to trigger bias-up.