Post-open Review… Positioning strength.

Gap up maintained.

The pre-open high eventually touched 2636.75. It was an errant tick above this morning’s 2635.50 bias-up target, and it was retested by the open’s surge.

The open gapped up above yesterday morning’s 2634.50 high and trended straight up to new highs attacking 2640.00. Its reaction down stopped 1-2 ticks short of actually touching 2634.50 before extending even higher to attack 2641.00.

Exceeding the 2636.50 bias-up target at 10:15 renews the bias-up signal. But backing-and-filling is still possible. Maintaining the gap up has formed an anchor that is likely to recover in case of a reaction down. Being bias-up allows room down to the 2630.50 bias-up signal just as noise in the range. And already having extended 4-5 points above the bias-up target does rob a lot of energy.

Currently, another dip is testing 2635.50 as support. Its break would suggest that backing-and-filling is underway. Otherwise, extending higher this morning would require reinforcements, which would make the slope steeper and more aggressive.