Post-open review… Target met, and held, but not rejected

Chipping away at the bias-up target”s resistance?

The pre-open recovery extended to within 3 ticks of the 2119.75 bias-up target, within 5 minutes of the open. Its attraction would be considered neutralized if not fulfilled this morning, regardless of being put into play.

And almost avoided being put into play. The open”s reaction down slid immediately to touch the 2113.75 bias-up signal as support. 

A 2-1/2 point bounce was retraced entirely, while 1-minute RSI diverged positively. Bias-up triggered at the 10:15 bias timing window, that wasn”t an issue. But the bias-up target had been touched at the high.

So, this is a bias-up environment, whose target has been met.

Usually this setup avoids extending higher this morning. That opens the door to reversing down, which is a risk this afternoon if the market were to become paralyzed by anxiousness ahead of AAPL”s post-close earnings.

But the rally”s momentum remains intact above the 2117.00 area. Holding it as support would allow the rally to extend. Otherwise, at least backing-and-filling down to the 2114.00 area becomes likely, and vulnerable to reversing into negative territory.