Post-open Review… Kim Jong!

Missile threat stirs things up.

The narrow overnight range was supported at 2491.50. It wasn’t hinting at anything happening this morning — not organically. For that, we needed rumors that N. Korea is readying another missile launch. A pre-open plunge extended down to 2487.50.

Bouncing to 2492.00 tested the overnight range’s “higher prior lows.” Its reaction down to 2489.00 was the first post-open test of the pullback range that I described during the pre-open Market Tour. That has been recovered to fresh post-open highs at 2494.25.

That’s also the upper-end of last night’s ranging. So, it’s natural resistance. Not that it can’t be recovered, too, but it’s more difficult. The bias-down signal wasn’t tested post-open, so no offsetting test of its 2496.00 bias-up signal is required. Still, recovering anyway should test the 2500.00-2501.00 area.