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Post-open Review… Session-long rally. – If, Then… Market Timing

Post-open Review… Session-long rally.

Is the setup over-promising?

es_052416_amHaving trended down into yesterday’s close, gapping up above yesterday afternoon’s highs formed a “session-long rally” setup. Follow-through was productive. Very productive.

I noted in the pre-market Tour that this leg’s minimum objective was 2068.00, with room for noise above it to 2072.00. That room was touched momentarily.

Meanwhile, 3-minute RSI was persistently overbought. That offered the confidence not to sell, let alone not to short. It is still overbought. Pullbacks have room down to 2066.50 without threatening the uptrend. The session-long rally makes that unlikely.

Each timing window with one exception should probe above its prior timing window. That exception tends to be the noon hour. The next potential target is 2080.50.