Post-open Review… Back to the highs.

Post-open dip recovers, and reverses.

The reaction down from 2167.25 greeted the open at 2163.75. Post-open action immediately plunged to test the 2160.75 bias-up signal as support, down to 2158.50.

That was the first half of the first 15 minutes of volatility.

1-minute RSI made a higher oversold while 3-minute RSI had been persistently oversold. But selling was done. An inverted Head & Shoulders formed, which then broke higher out of the first half-hour.

Bias-up triggered easily at 10:15. The 2165.75 bias-up target was attacked to within 2-3 ticks just minutes later. Reacting down into the EIA report has now recovered to probe above the overnight high. Last week’s 2168.00 “new Globex trend extreme” is being attacked to within 1 tick.

Pessimism reflected by the post-open dip is largely rewarded by the reversal well above its origin. But only attacking last week’s high — which requires actually being touched intraday, and probably probed — is new pessimism that has yet to be rewarded.

Extending higher could still reach 2175.00 before reversing down would be credible.