Post-open Review… Better late than never.

Gap up trying to probe higher, late.

Gapping up a little to 2082.50 was extended to attack and to probe 2085.00, stopping pessimistically short of touching the 2085.75 pre-open high. Seeing a pattern?

The 2085.75 pre-open high had stopped pessimistically short of touching yesterday afternoon’s high. Which had stopped pessimistically short of touching its pre-open high. Each potentially bullish from a contrarian perspective. And all suggesting the eventual credible break would almost literally explode higher.

The negative knee-jerk reaction down to 2081.75 on Yellen’s remarks was even shallower than yesterday. The 2086.00 bias-up signal was being attacked to within 1 tick through 10:15, so no-bias triggered. It was being overlapped at 10:30, so no-bias wasn’t invalidated.

Nevertheless, 2086.00 is being probed up to 2090.00. And the probe above 2086.00 almost literally exploded higher, which fulfills the characteristic for a credible breakout from this pattern. Both 1-minute and 3-minute RSIs are overbought, so any pullback will need to recover.

The move was likely, although it could have been delayed until this afternoon. It was delayed just long enough to be “no-bias trending” that will require being retraced eventually down to 2086.00. That might be this morning, or it may come after testing Monday morning’s 2092.50 high by 2 points.