Bias-up target met?

[pay]The ESu 1292’25 bias-up target was met within 1 tick. That’s close enough for horseshoes and hand grenades, but not necessarily for us. The three chief reasons for expecting its eventual test are:

• The actual gap back to last Friday’s close is still 2 ticks higher, and there’s no reason to come this close without actually filling it.
• The pre-open high is a “new Globex trend extreme” that is almost historically mandated to be retested during regular trading hours.
• 1-min RSI has corrected considerably while price treaded water, creating a sort of vacuum that should suck price higher.

The 1288’00-1288’50 area is a likely pullback candidate to resume the rally. The high/target/gap test could extend higher above last week’s 1293’00-1294’00 highs, and then potentially higher through tomorrow’s open. But acting toppy at this morning’s open would have us looking instead for short entries.

[/pay]