Post-open Review… Sunny side up.

A “Dry Cleaners” morning setup combines with a higher objective.

The overnight rally to 2860.00-2861.25 had ranged sideways back down to 2854.50, holding up through the open. Its optimism was never corrected pre-open, and the 2859.00 open blipped-up to attack the overnight highs. Its 5-point reaction down never threatened a sell signal before surging to 2863.50 on 10:00 econ reports.

The fresh high completed the 2-week old high close’s 2861.00-2863.00 gap fill. Its 6-point reaction down held above the renewed bias-up target to trigger a doubly-renewed bias-up signal. That’s not very reliable, being so far removed from the price action that created the bias levels.

But the high’s gap fill does suggest its 2866.00 high print will be retested, too. And its retest is likely to include a visit to 2869.00. So, 2869.00 is  essentially in-play. Which is credible despite all 5 of the first hour’s 15-minute checkpoints having overlapped the 2859.00 open to form a “Dry Cleaners morning” setup. The setup suggests that price action will be unwieldy, which might delay extending to 2869.00. But 2869.00 remains credible so long the bias environment exit is holding the 2856.00 post-open lows.