Post-open Review… Too much, too late.

Post-open surge is productive, for now.

The overnight rally ultimately extended to pierce yesterday’s 2562.50 late surge peak. But the last 90 minutes fell suddenly, steeply, and substantially to greet the open at 2547.00-2549.00. The pullback was deep, and it had originated from above yesterday’s late high. This was a new rubber band stretch, and a big potential reward (to retrace the pullback).

In fact, the pullback was retraced and then extended. The 2564.50 bias-up target was exceeded in time to renew the bias-up signal, and its 2572.00 renewed bias-up target was probed.

A reversal attempt under 2569.00 just failed, resolving in a test of 2574.00. Extending the open’s surge could get overly optimistic ahead of this afternoon’s FOMC events, or even in reaction. But this is not from nearly as strong a base as if the open itself had already recovered yesterday’s
late high — which should make the FOMC events all the more fun.