Post-open Review… Making a break for it.

Probing fresh highs.

The overnight dip down to 2442.00 had recovered back up to yesterday morning’s 2445.00 high ahead of pre-open econ reports — CPI and Retail Sales. They triggered a surge to fresh highs at 2449.00. Its reaction down through the open touched 2444.25 before bouncing to fresh highs again at 2450.00.

Consumer Sentiment, which is similar to the two pre-open reports, was due at top of hour. Was the post-open bounce simply anticipating a similar response to similar data? The same template describes yesterday’s post-open surge as Fed Chair Yellen appeared for her second day of Congressional testimony.

Reacting down into and out of the redundant report has bounced off of 2447.00. But not yet to a new high. The 2447.25 bias-up signal has triggered, putting into play the 2452.25 bias-up target. That attraction helps to offset the pre-open breakout originating too late to be reliable.

But be aware of potential to react down from within 3 ticks of the 2452.25 bias-up target. Meanwhile, back under 2447.00 at any time would signal momentum already reversing down.