Post-open Review… More than it could chew.

Gap up has put everyone on defensive.

Friday’s 2836.00 open gapped up above the past three mornings’ highs, blipping-up above Tuesday morning’s 2835.00 high up to 2837.50. And then reacting down to 2828.00. But only briefly as the 2829.75 bias-up target was exceeded in time to renew the bias-up signal. Its renewed bias-up target is essentially the 2836.00 open up to 2838.00.

Which is likely to be tested since the post-open dip was absorbed. This being a Friday, the morning’s bias signal tends to persist through the noon hour. That’s not equivalent to trending, and could be influential simply by retracing pullbacks.

Renewed targets don’t become “unfinished business” if left outstanding. And we’ve already established the current pattern of strong-handed distribution into strength. I’m giving fresh highs a benefit of the doubt, but back under 2829.00 would start to signal at least a corrective dip to 2825.25. Back under the 2823.00 bias-up signal before noon would suggest the strong-handed distribution pattern is rearing its head.