Post-open review… Carried away.

Opening surge offers little opportunity to latch-on.

The only way to get through 2069.00 this morning — if not also through 2067.00 — was by surging immediately. And that is the most difficult setup to trade, surging at Monday”s open.

But the open”s surge from its 2065.00 open did start forming a Running Correction. Surging into and out of a  running correction has a very reliable resolution. Surging just a little would be reliable for surging a lot.

If fact, the surge extended to 2075.50. Price action since then has ranged choppily sideways back down to 2070.50.

Forming a plateau is the fourth stage of the pattern, the first three stages being defined as surging into and out of a Running Correction. Probing fresh highs at this stage would essentially marginalize sellers for the day. 

Extending down first would target 2067.50. A deeper drop to 2065.00 or 2061.00 would be possible, but not likely with overbought RSIs at the high needing a retest.