Post-open Review… Holding up.

Gap up maintained and extended.

The open immediately did something that all of yesterday had failed — it touched yesterday’s 2397.75 opening peak. It was overlapped through the open, instead of reacting down like yesterday. But overlapping it also meant not extending higher. Not through the open.

So, an opportunity to establish upside momentum wasn’t exploited. At least it wasn’t rejected.

Fresh highs up to 2400.00 did something that all of the open had failed — it touched the 2399.00 pre-open high, which was also Friday’s post-close high. Not during the opening 15 minutes of volatility, but afterward.

So, its opportunity to establish upside momentum wasn’t exploited. But unlike the actual test of 2397.75, it wasn’t even attempted. That’s pessimism, which is potentially bullish from a contrarian perspective.

2399.00 is still being tested one hour past the open. Sponsorship isn’t rushing in. A dip may yet be necessary, but unlikely to extend or to invalidate the bias-up. Perhaps only noise down to 2397.00. No sell signal will be considered above 2395.50.