Post-open Review… Grudgingly exploiting the gap up.

Post-open dip recovers to fresh highs.

The open gapped up and quickly worked higher through the 2166.25 bias-up signal by 5 ticks. Reacting down to 2163.25 tested yesterday afternoon’s 2164.50 high as support. It was still being overlapped as the opening 15 minutes of volatility lapsed. It was not optimal behavior for maintaining a gap up.

But it held.

And a quick retest of the reaction low was reversed up sharply, extending to attack the 2169.75 overnight highs to within 3 ticks. This is a bias-up environment. Its 2171.75 bias-up target is in-play. It’s the next domino on the way back up to 2180.00 and possibly (momentarily) higher.

None of which precludes there being a corrective dip.

In fact, 1-minute RSI avoided touching overbought and then deteriorated. Now a reaction down is testing the 2166.25 bias-up signal as support. Its test should ultimately hold. And while stopping pessimistically short of the overnight high is potentially bullish from a contrarian perspective, that hasn’t aided enabled retesting at least two other overnight highs in the past week.

But so long as the bias environment doesn’t lapse back under yesterday afternoon’s 2164.50 high, the likely resolution remains up. Back under 2164.50 would otherwise start to point more substantially down.