Post-open Review… Tagging up.

Gap up’s retracement launches another upleg.

A dip back to “lower prior highs” around 2748.00 wasn’t required, but it was likely after probing higher. Probing higher wasn’t required, but it was likely after repeatedly returning to 2748.00 since the weekend.

But first, price had to get above 2748.00. Whether by gapping up or by surging post-open, a dip down to “lower prior highs” around 2748.00 was likely. The eventual path there began by breaking higher to 2752.25 before the open. Gapping up to 2751.00 surged again to 2753.50.  Soon after the opening 15 minutes of volatility had lapsed, a 5-point collapse touched 2748.00.

That test held, as did its retest while 1-minute RSI diverged positively. A bounce triggered the 2749.75 bias-up signal cleanly. And the 2753.50 high was just pierced. The 2757.50 bias-up target is in-play, although another downdraft could develop back under 2751.00.

Not shown on the nearby chart is a reaction down that tested the 2749.75 bias-up signal by 1 point. But the signal held as support when the pullback limit’s first 3 minutes had elapsed. Back above 2751.75 would start to signal the reaction down is done. Otherwise, a fresh low could trigger that next downdraft.