Post-open Review… Bottom’s in.

REMINDER: I’m away from the screens today between 1:30-3:15 ET… back for the final hour..

The pre-open dip to 2049.75 held its test of yesterday morning’s lows, greeting the open at 2054.50. Recall that was a preliminary level noted in the First Trade blog post. Recovering it or not through the open would at least be predictive of the bias-down signal.

2058.25 was another preliminary level, and it was also tested during the opening 15 minutes. Its first reaction down was brief, held 2054.50, and reversed up sharply to 2069.00.

The opening surge’s template played out as much as it did yesterday. The only difference was its low’s timing, this time being pre-open instead of post-open. But their similarity is their Achilles heel — the setup should launch almost precisely at the opening tick.

This morning’s surge, unlike like yesterday’s, isn’t done. The 2074.25 bias-up target was met and held, but is now being probed to attack the 2080.50 renewed bias-up target. A pullback to 2065.00-2066.00 is possible, regardless of the potential for extending higher this afternoon, if not also because that upside potential would benefit from the refueling.