Post-open Review… Resolved up.

Pre-open plop produces opening pop.

The overnight rally had run into resistance at this morning’s 2776.25 bias-up target. Ranging there broke lower in reaction to the CPI report, plunging back to the earlier 2766.25 overnight low. Its reaction up still tested the 2770.00 bias-up signal at the open. Which held, launching a rally back above the overnight highs to 2778.75.

Complexity while forming the overnight high made it a “new Globex trend extreme” requiring intraday retest. That’s often the same day, but not always. Today’s is already resolved. And exceeding the bias-up target through 10:15 has renewed the bias-up signal. Although not a requirement, the next higher targets are 2781.50 and 2787.00.

Back under 2775.00 would start to signal at least a pullback underway. And maybe only a pullback. A trend reversal would be possible, but less likely. It would be well-rewarded, too, eventually targeting 2730.75. But this being a Friday, the morning’s bias signal tends to persist through the noon hour.