BIAS-UP RENEWED.

Bias-up target being exceeded through the bias timing window.

[pay]Gapping up above yesterday afternoon’s high was likely to extend higher aggressively, if it was going to extend higher at all. There was on post-open econ report to inhibit the cash session crowd from picking up where yesterday afternoon’s sponsorship let go.

Except for a bobble back down to within 1 tick of this morning’s 1826.00 bias-up signal, the open surged. The first 15 minutes of volatility was exited above 1828.00 to make the bias-up signal likely to trigger 30 minutes later. And it did.

Also 30 minutes later, the 1831.25 bias-up target was exceeded. That renews the bias-up signal, next targeting 1836.00-1836.50.

As for gapping up above yesterday afternoon’s high, that doesn’t necessarily form a “session-long rally” setup. The bias environment’s high was lower, so not as much selling is being rejected. But yesterday’s closing action did trend down, which clearly has been rejected, so the recovery gets every benefit of the doubt.

Back under 1830.50 would start to signal at least a corrective dip underway. Otherwise, I would be very reluctant to sell strength.

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