Post-open Review… Suddenly aggressive.

Pre-open rally’s pullback finds impatient buyers.

Not much digging was required after the open before attracting new sponsorship to resume the rally. Resume it, and extend it, at a steep slope.

The overnight rally had extended to within 1 tick of its 2854.00potential, forming a “new Globex trend extreme” that requires intraday retest. Its reaction down greeted the open this morning’s 2848.00 bias-up target. Retesting the overnight high was likely, but likelier from a little deeper, which I identified on the chart at 2845.50. Its touch did react up, first to the open’s peak, and then surging 8 points to pierce 2854.00.

Piercing 2854.00 again finally left 1-minute RSI behind. Its reaction down to 2850.50 must either recover to resume the rally, or else reverse down. Being is a bias-up environment this morning — albeit having held the renewed bias-up target — pullbacks should be defined by either 2848.00 or 2843.00. Lower would be possible after the bias environment begins lapsing, and waiting until after noon would be bearish.

On a side note, here’s a chart that Zerohedge posted this morning. It’s of the Shanghai China SSE Composite SHCOMP. And it might become a chart of my “Up/Down-Crash setup.. So far, it is at only 9 consecutive up sessions with 1 counter-trend exception. My definition for the setup is “A rubber band is being stretched to its maximum integrity. At 10-12 sessions in the sequence, the pattern’s resolution becomes increasingly binary, and increasingly polarized. Either the rubber band snaps back, or its restraint (i.e. dam) breaks.”

SHCOMP fluctuations usually have only a brief effect on other indexes. But popping a China bubble could be indefensible. I’m not sure that iot extending higher would be any more bullish generally.