Bias-up target met.

[pay]S&Ps extended higher with hardly any pause after the open gapped up above yesterday morning’s ESu 1342’50 lows. The 1353’00 bias-up target was met within 1 tick, then probed by 2-3 points. MACD & RSI deteriorated throughout, diverging negatively on the last two probes.

Back under 1350’00 would target a retracement back down to yesterday morning’s lows, if not also down to the 1341’00 bias-down signal. And why not fill the gap back to yesterday’s close while in the neighborhood, too.

Actually, that wasn’t a rhetorical question. The reason why not to be greedy on a pullback – assuming there is one – is because of so much optimism still pervasive in the market. I detailed it previously in today’s Trading Plan. Since then, the open has gapped up. Gapped up, from a new low. I’m calling that the “poster child of optimism.” Exiting the 10:15 timing window with a bias-up signal intact is only helping to refuel sellers.

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