Post-open Review… Session-long rally?

Probing fresh recovery highs.

The pre-open surge to 2023.50 was recovered after retracing 61.8%. And then it extended higher, absorbing a post-open pullback to ultimately maintain a gap up above yesterday afternoon’s 2024.25 high.

Contrasted against having trended down into yesterday’s close, the result forms a “session-long rally.” Each timing window but one should probe above its prior timing window’s high. The slope can be shallower.

The risk is that substantially higher prices inhibit more buying sponsorship, and instead attracts sellers. A lot of energy has been expended and a lot of ground has been covered, probing all prior highs up to 2035.50 before 10:15.

Exiting the bias environment at 11:30 back under 2024.25 would “invert” the setup. The balance of the session would behave like a session-long decline.

Already probing fresh highs after 10:15 does make inversion less likely. Still, trending up through every timing window would make the last window likely to reverse down. I’ll continue discussing the setup’s different characteristics as they become relevant.