Post-open Review… Badder cop?

Gap up maintained, extended too late.

The pre-open extension up to 2449.00 had reacted down 3 points to open at 2446.50. The first 15 minutes of volatility ranged there narrowly, only maintaining the gap up but not extending it higher.

Soon it was learned that Yellen isn’t discussing monetary policy. Extending higher — perhaps in relief — had become too late to reflect new sponsorship. Filling the gap back up to Tuesday’s 2451.50 close has extended to attack Tuesday’s 2453.75 high.

The renewed bias-up signal has essentially fulfilled its renewed bias-up target. It’s still a bias-up environment which can extend higher to 2457.50. But not extending during the open has made Tuesday’s high likelier to hold as resistance.

So, Yellen isn’t discussing monetary policy. But the ECB’s Draghi speaks this afternoon, and there’s no history of self-restraint on the topic. Could that renew the anxiousness that prevented rallying over the past two sessions?