Post-open Review… Back on-track?

REMINDER: I’M AWAY FROM THE SCREENS UNTIL NOON.

Yesterday afternoon’s late slide was triggered by the Saudi Arabia story’s headlines. Despite dropping to 2745.00, the slide’s 2779.00 origin was still likely to be retested. At least, so long as relevant supports held, and preferably so long as the bias-up signal was renewed.

Rallying overnight into a range around 2758.50 broke higher at an accelerated pace to greet the open up to 2775.00. Fresh highs at 2776.50 and then 2783.25 easily renewed the 2764.75 bias-up target. Doubly renewed, actually, which isn’t very relevant anymore.

Meanwhile, trending higher relentlessly overnight often either finds post-open reinforcements or else counter-trend sponsorship. This morning found reinforcements. That doesn’t require extending higher relentlessly intraday, but it does create a position of strength likely to absorb a corrective dip. And without yet probing above the pre-10:15 high, a corrective dip would be triggered back under 2775.00 with potential to 2762.00-2765.00.

With or without a pullback, the Ascending Triangle pattern appears to be back on-track for producing an even higher corrective bounce. With too deep of a pullback, a retest of Thursday’s lows could be underway.