Post-open Review… Anchored.

Open’s uptrend entrenches the rally.

Pulling back from the 2584.00 overnight high greeted the open at this morning’s 2581.50 bias-up target. Its reaction down had room down to 2580.00 without even threatening to reverse momentum. Touching 2580.00 reacted up to fresh high new highs at 2585.50.

Exiting the opening 15 minutes of volatility above its opening print formed uptrending. If not extended higher this morning, then that serves as an anchor to attract a dip’s recovery. Exceeding the 2581.50 bias-up target through 10:15 would have renewed the bias-up signal, but it was being touched to within 1 tick at 10:15.

There’s no grace period for renewing the bias-up signal. This is still a bias-up environment. A deeper pullback could test this morning’s 2576.00 bias-up signal as support. Meanwhile, back above 2584.00 would renew the rally’s momentum — although it’s difficult to attract reinforcements after gapping up so much when the FOMC statement is getting closer.