Post-open Review… Two steps forward.

Attacking new highs.

After spending all of yesterday in negative territory, gapping up above relevant levels would be the only immediate path higher today. The least of those relevant levels was this morning’s 2752.00 bias-up signal. It was only attacked to within 3 ticks from 2756.50 above by a dip into and out of the open.

Maintaining the open’s gap kept alive upside momentum. The dip was recovered by almost a 7-point rally to fresh highs at 2759.50. The 2757.50 bias-up target was fulfilled along the way.

Touching the bias-up target during the open added a new dynamic, or adapted an old one. Its recovery through 10:15 became as important as was maintaining the gap up above the bias-up signal. Where the first setup succeeded, the second one failed. It’s still a bias-up environment, but whose bias-up target was no longer being exceeded at 10:15.

Near-term resistance at 2759.25 reacted down to violate its pullback limit, extending at least 6 points to 2753.25. But now near-term support at 2753.75 has just held a test, as did 2759.25 above. The pullback may have ended.

Since the initial rally stopped 2 ticks pessimistically short of touching Tuesday’s high, probing it is likely — and likely to be measured in points, not ticks, such as 2765.25. Meanwhile, still being a bias-up environment, a test of the 2752.00 bias-up signal should define the window’s lower-end. It can be broken after the bias environment begins lapsing without requiring a recovery.