Post-open Review… The upper-end.

Post-open rally tests Wednesday’s highs.

The overnight rally up to 2666.00 ultimately corrected pre-open down almost 11 points to attack 2655.00. The open wasn’t greeted much higher, but it had soon surged back up to 2666.00. And then higher to attack 2672.00, essentially Wednesday’s highs.

The upper-end of the range. Resistance.

Another tick higher to 2672.00 would have allowed a higher pullback limit and sell signal. Another minute higher would have made a pullback likely to persist through the morning. But the minimum likely retracement target was met anyway in an attack on 2662.00.

The pullback could extend lower and persist longer, but neither is necessary. Regardless, the test of Wednesday’s high is getting a benefit of the doubt for forming a bullish base. While not helpful, a deeper pullback could test 2646.00 or 2639.00 before signaling last week’s decline has resumed.