Post-open Review… Echoes of yesterday.

Short-squeeze finds an opening.

Hovering at overnight highs suddenly broke higher at the 2370.00 open. Surging soon extended through yesterday’s to 2379.00. Consolidating around the 2376.50 bias-up target exceeded it at 10:15 to renew the bias-up. The 2381.25 renewed bias-up target is being tested now.

2381.25 is only being overlapped, and not yet exceeded. There’s room for noise up to 2383.75, which need not be touched. But reversing down will be difficult until 3-minute RSI is stops being persistently overbought.

Is this the short-squeeze that yesterday afternoon had threatened? The vulnerability was there. And nothing prevented extending higher this morning. Meanwhile, headlines are the catalyst for this morning’s surge (Fed speaker Bullard keeps door open to QE). That’s artificial, and more easily reversed than an organic short-squeeze.

This afternoon’s bearish WedEX will be greeting an artificially inflated rally. There’s no assurance of it being influential, or the degree of its influence, but there’s plenty of room below.