Post-open Review… Anchors above.

Higher high likelihoods getting carried away.

As suspected, reversing the overnight uptrend back down was so difficult and unlikely that post-open action was likelier to extend the overnight rally. Already testing and retesting last week’s 2818.00 highs overnight had essentially fulfilled Friday’s Isolation setup. But as I described during the pre-open Market Tour, I would be reluctant to short before the room for noise had probed fresh highs of at least 2821.00.

A new rally leg sliced through that on the way to 2824.50. Another consolidation formed into the open.

The next higher objective would be the renewed bias-up target (assuming the 2817.50 bias-up target were exceeded through the 10:15 bias timing window). A sudden opening surge suddenly sliced through it on the way to attacking the next higher objective of 2829.50 within 3 ticks.

That post-open leg gave us insight into room for a pullback down to 2823.50. Until then, the rally had been sponsored by the Isolation setup, and its objective to retest last week’s highs. That buying pressure was being satisfied, and price had been higher only for a handful of days during the last week of January.

The actual pullback stopped at 2824.00, and now another rally leg is testing 2831.25. Exiting the bias environment above 2829.50 would put into play the next higher objective at 2836.00. Back under 2828.00 would threaten at least a detour that refuels buyers back down to 2821.00.