Post-open Review… Holding up.

Overnight high’s retest isn’t rejected.

The complexity of last night’s probe above Tuesday’s highs up to 2757.00 had formed a “new Globex trend extreme” which requires intraday retest, and is often retested the same day. Recovering 2753.00 through the opening 15 minutes of volatility would target 2757.00, if not also higher. It was probed up to 2762.00.

Reacting down to attack 2753.00 only overlapped the 2755.00 bias-up target through the 10:15 bias timing window. This avoided renewing the bias-up signal. It’s still a bias-up environment, but not bias-up renewed, which would have added a degree of confidence in extending higher. That hasn’t prevented at least trying to resume the rally, now testing 2761.00.

The bigger picture bear market rally limitation requires closing back under 2757.00 and preferably also under 2751.00. Topping requires a retest of the 2753.00 opening print after a post-open dip under Tuesday’s highs. Reversing the trend down requires at least closing negative under 2743.50. Today’s WedEX should be a passive bearish setup to reflect an unsustainable bullish sentiment.

Meanwhile, the intraday and bigger picture each allow extending higher. Maintaining 2757.00‘s recovery through the bias environment exit would next target 2769.00. Back under 2755.00 at any time would start putting into play a dip back into yesterday’s range.