Post-open Review… And higher.

Overnight rally extends intraday.

The overnight rally peaked upon testing the gap back up to last Wednesday’s 2730.00-2731.00 close. This doesn’t qualify as filling the gap, which must be done intraday. But a pullback down to 2726.00 surged at the open, to and through overnight highs up to 2733.00. Gradually eking even higher has touched 2735.50.

2735.50 isn’t an impressive calculable target. As resistance, 1-minute RSI diverged negatively and 3-minute RSI eventually left persistently overbought territory. Price has reacted down to 2732.00. All of which seems to be noise, since 2735.50 satisfies very little buying pressure.

2735.50 also stops pessimistically short of touching last week’s 2737.00-2737.75 highs. That’s potentially bullish from a contrarian perspective. Reacting down under 2732.00 could test 2730.00 and still be likely to resume the rally. Unless something more dramatic were to develop below, the rally could extend to 2743.50 or 2751.00.