Post-open Review… Strong.

Pre-open setup launches post-open surge.

I had noted in the pre-open Market Tour that it might seem self-evident, but the path up is up. Sometimes, the path higher requires first resolving unfinished business below. Not today. As much as yesterday prevented invalidating its attraction below, price extended higher. A dip probably wouldn’t have been absorbed.

In fact, rallying into and out of the pre-open ADP report probed above both Tuesday AND Monday’s highs. Greeting the open at 2363.00 was likely to extend higher without delay, if extending higher at all. Quickly rallying through the 2364.00 bias-up target extended relentlessly to the 2369.00 renewed bias-up target.

And then through it to the doubly-renewed 2374.25 target, which was just probed by 3 ticks.

Reacting down from 2374.25 would require a retest of the highs, as both 1-minute and 3-minute RSIs are simultaneously overbought. Exiting the bias environment above 2369.00 would suggest that the pullback from 2400.00 has ended, putting into play new highs.

Hesitation, consolidation, or backing-and-filling ahead of this afternoon’s FOMC Minutes release would be justified. It also wouldn’t be surprising for any pause to be shallower than deep, if at all.