Post-open Review… Straight up?

Gap and run creates anchor to absorb reversal attempt.

Sunday night’s open had leap-frogged over the 2465.75 bias-up signal. Its 2472.25 bias-up target was tested as support before the open. Gapping up to 2474.00 resumed the rally, extending relentlessly up to 2481.75.

1-minute RSI had diverged negatively along the way, but only while 3-minute RSI remained “persistently overbought.” Twice. Each setup offered a buying opportunity. Not until 3-minute RSI left oversold territory did the 1-minute RSI’s negative divergence at 2482.00 actually influence price action.

Immediately. Its reaction down was retraced 61.8% of the way back up to 2482.00. The next reaction down has pierced 2479.00.

Still, we’re only looking for a temporary corrective dip. Trending up through the open created an anchor that will want to be retested in case of a pullback. The dip may be done already, although its likely objective is 2477.50, and potentially 2475.00.

July’s ~2484 high basis SPX has been attacked to within a quarter. But not touched. Another sweet spot? It doesn’t require a retest, except for the foregoing reasons described above. We’ll start to think otherwise if the afternoon bias-down signal is triggered.