Post-open Review… Now THAT’S a lifted embargo.

Yellen’s remarks fuel pre-open / post-open surge.

This morning’s 2428.00 bias-up signal was already tested overnight after Europe’s opens helped to end a narrow range. Its brief consolidation resolved up sharply as the embargo was lifted on Yellen’s opening remarks for her House Congressional testimony. The open was greeted by a consolidation around 2435.50. Another surge extended the rally to attack 2443.00.

The highest candidate for containing the post-open surge is 2441.75. While testing it for more than a half-hour, it has been exceeded by 1 point, but only overlapped, while RSIs eventually diverged negatively. And now its pullback limit is being violated.

Back under 2439.50 would signal momentum reversing down (now being tested). Objectives include this morning’s 2433.00 bias-up target and 2430.50. Even the 2428.00 bias-up signal can be tested while remaining within the bias-up environment.

Gapping up this morning doesn’t prevent attempts to reverse the trend down, but helps to ensure that attempts will fail. Regardless of the substantial rally from yesterday’s close, avoiding any pullback would next target new highs above 2454.00.