LATE BIAS-UP

Overnight strength finds post-open strength, but only so much as to avoid reversing down.

[pay]Pre-open strength touched Sunday night’s 1762.25 “new Globex trend extreme” several minutes before the open. The open surged through it to within 3 ticks of this morning’s 1764.75 bias-up target.

The rest of the open has struggled. a dip to 1759.00 was still testing the 1760.25 bias-up signal at 10:15. It triggered late, but the 1764.75 bias-up target is in-play.

Overbought RSIs at the open’s high require a retest, and its visit could easily touch the bias-up signal, too. The open’s high was almost touched, but its reaction down is now trying to recover from 1760.50.

“Unfinished business” is not left outstanding from a bias environment that triggered late. Overbought RSIs during the opening 15 minutes are least likely to be retested quickly. But usually, their rejections would have actually reversed into negative territory by now.

So long as the bias environment isn’t exited under 1758.00, a fresh session high is likely.

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