Post-open review

Bias-up to the n^th degree.

The pre-open pullback held its test of this morning”s 2049.00 bias-up signal. Its 2055.25 bias-up target was probed before the open. The open”s first 5 minutes continued overlapping the target.

Then it exploded higher. 

It”s always possible that greeting the new week with extreme sentiment proves to be a sentiment extreme. But sometimes, an exploding cigar is just an exploding cigar. Exploding higher more than halfway through the opening 15 minutes of volatility should be rejected immediately, or else it”s not likely to be rejected at all.

In fact, the balance of the bias timing window trended higher through 10:15, testing the 2066.00 doubly-renewed bias-up target. Meanwhile, 3-minute RSI was overbought and 1-minute RSI was diverging negatively.

A sell signal is being tested back under 2063.50, but has yet to confirm. That”s a sell signal because it is support, and its support may hold without allowing a deeper pullback.  Back above 2065.50 would signal the rally had resumed already.

Regardless, this being a bias-up environment — and being that the ultimate objective of this leg is to test the 2070.00 area — any reaction down is likely to be only temporary, probably recovering from either 2058.50 or 2056.00. Entering or exiting the noon hour under 2053.50 would be the nearest signal that the trend may be reversing back down.