Post-open Review… Can’t. Look. Down.

Open surges to its target.

The Globex open’s 2523.50 surge had reacted down overnight to 2517.50. Bouncing to 2521.25 retraced 61.8% of the reaction down. That’s natural resistance, and it produced another reaction down.

That second reaction down didn’t accomplish anything new. It greeted the open back at the 2517.50 overnight low. Meanwhile, 1-minute and 3-minute RSIs diverged positively. Post-open action reversed up immediately, and extended higher.

Soon after triggering the bias-up 2519.50 signal, the 2526.00 bias-up target was attacked to within 1 tick. That’s close enough to fulfill the target, so it won’t become “unfinished business above” if left outstanding. Overbought RSIs at its high suggest it will be tested, anyway.

For now, a 2523.00 sell signal is being probed. It’s the “first reaction down from the previous trend’s extreme,” which is very unreliable for reversing the trend down. But even just a corrective dip would likely target 2519.25. More so if overbought RSIs were neutralized first by retesting 2526.00.

Regardless of the open’s surge, there’s no assurance of extending higher today. Already having fulfilled the target, sellers aren’t marginalized and there’s a vulnerability to reversing down. But reversing down in this pattern will be difficult if not already underway into or out of the noon hour.