Post-open Review… Room to blow.

Opening surge extends overnight rally.

The overnight rally’s 2803.50 high had pulled back to within 1 tick of this morning’s 2798.25 bias-up target. That was retraced more than 61.8% before the open, then recovered entirely through the open. And not by a little.

2808.50 was touched during the first half hour. The 2898.25 bias-up target and its 2804.50 renewed bias-up target were exceeded through 10:15, triggering a doubly-renewed bias-up signal. Which really means that trending is extended. And not by a little.

Trending can always extend further, but this didn’t. A reaction probed three pullback limits down to 2804.00. A likely corrective bounce to 2806.75 was touched before resuming the reaction. And not by a little.

The drop touched overnight “lower prior highs” at 2785.25 that I discussed during the Market Tour. As noted, not already testing them during the open made them likelier to hold — if not this test, then their retest. But there’s room anyway down to the 2792.25 bias-up signal during the bias-up environment.

Now bouncing 5 points is now testing 2800.00. Oversold RSIs at the pullback low require its eventual retest. This is still a bias-up environment, and nothing prevents resuming the rally. But overbought RSIs thatdeveloped during the open don’t require a retest.