Post-open Review… Reinforcements arrived.

Pre-open breakout restrains itself to maximum effect.

Having ranged sideways overnight, breaking out either way 60-90 minutes before the open would have been considered a false break. In fact, the range’s 2914.75 upper-end was probed by 2 points before 8:30.

Soon the breakout retraced back into the range. The breakout could have extended further before allowing the retracement consequence. Instead, optimism was restrained. A shallower pre-open probe above 2914.75 also retraced back into the range, through the open. The overnight range’s ill-timed breakout problem was negated. No further pullback is required.

The first 3 post-open minutes contained the pullback, and the balance of the hour has trended up to attack 2924.00. Last Wednesday’s 2923.00 gap up above all prior highs is filled, although it wasn’t required since its first minute had also overlapped “lower prior highs.” Hesitation just under 2923.00 was “ineffectual pessimism,” as was the immediate reaction down to finally piercing 2923.00. Both are potentially bullish from a contrarian perspective… and now 2924.50 is being tested.

Meanwhile, the bias-up signal is renewed for having exceeded its 2920.25 bias-up target through 10:15. The renewed bias-up target in-play is 2926.50-2928.00.