Post-open Review… Must. Probe. Higher.

Even sluggish follow-through isn’t preventing higher highs.

Gapping up to and/or through yesterday’s 2036.75 high was the only way to resume the rally this morning, since yesterday afternoon’s buyers gained no traction for their efforts. A pre-open pullback to 2033.00 had recovered to open at 2036.75.

The opening 15 minutes didn’t extend higher but only ranged widely around the 2036.75 prior high. Nevertheless, a pullback to the 2034.50 bias-up signal was recovered to fresh highs at 2040.75. That satisfied the 2039.75 bias-up signal, without exceeding it through 10:15 to renew the bias-up signal.

Back under 2037.25  (being tested now) would be likely to retest the 2034.50 bias-up signal as support. The reaction down could extend into the noon hour. The pullback could test 2031.00 or the 2027.00 overnight low.

A pullback is easier said than done. This is still a bias-up environment. Expiration’s upside bias remains very much intact. And any downdraft’s recovery remains likely by the afternoon’s bullish WedEX.