Post-open review… Late buyers again.

Is another lower bias objective being rejected?

The open didn”t gap up above yesterday”s highs. Its early test of the 2091.50 bias-up signal was retraced down to 2087.25 in the first of several swings around yesterday”s 2089.00 highs. Bias-up didn”t trigger at 10:15, putting into play an offsetting test of the 2080.50 bias–down signal.

And, yet…

Probing fresh highs up to 2092.75 could have invalidated the no-bias. But too deep of a retracement was still overlapping or under the 2091.50 bias-up signal at 10:30. No-bias was not invalidated.

And, yet…

That pullback resolved up to within 1 tick of the 2096.50 bias-up target. You know, the 2096.50 bias-up target that isn”t in-play. It is nevertheless resistance. Exiting the bias environment at 11:30 above it would invalidate any lower objective based on not having triggered.

This is a lot of late buying pressure, excessive optimism — which is potentially bearish from a contrarian perspective — just ahead of an FOMC policy statement. The meeting isn”t expected to hike rates, which this price action risks discounting too much to maintain.

Perhaps the enthusiasm will trigger a blow-off to new highs, anyway. But I would rather buy that leg on a pullback to support, if not on a pullback under overnight lows, instead of at resistance being met by excessive optimism.