Post-open Review… Path of least remaining resistance.

Gap up extends.

Reacting down pre-open from testing the 2267,25 bias-up target greeted the open with a blip-down to 2264.00. Its reaction was quick, and quickly extended up to 2269.50. That’s the highest level since last Wednesday afternoon’s initially favorable knee-jerk reaction to the FOMC statement.

It didn’t last this morning, either.

The reaction down to 2265.75 only overlapped the 2267.25 bias-up target at 10:!5, instead of exceeding it to renew the bias-up signal. It’s still a bias-up environment, with room back down to the 2262.00 bias-up signal just as noise. Back under 2265.00 (being tested now) would suggest a dip to 2262.00 is underway.

Having dipped to 2265.00, back above 2267.25 would start to signal the rally is extending. It’s too late to renew the bias-up signal, but extending higher anyway would target a retest of last Tuesday’s 2273.00 high. And the longer that takes, the less time available for a reversal to begin by Wednesday afternoon, when strong hands will already be positioned for the weekend holiday.