Post-open Review… Up, up, and a weight.

Session-long rally setup triggers, over-extends.

Session-long rally has triggered. Gapping up above yesterday afternoon’s 2655.00 bias environment high was half the battle to actually recovering it, forming the session-long rally setup. Extending to 2661.00 magnified the Just holding on to the gap up halfway through the opening 15 minutes of volatility made it much likelier to be maintained all the way through 9:45. So, the upside was magnified again by surging to 2667.00. The rally extended even after the opening 15 minutes of volatility had lapsed, attacking and piercing 2671.00.

Potential to 2672.00 was fulfilled to within 2-3 ticks. All but fulfilling the near-term objective, and fulfilling it so quickly, became vulnerable to a corrective dip. Being a session-long rally, pullbacks are likely to be either brief or shallow, but in either case likely to be recovered to fresh highs. A 10-point pullback to 2661.25 may have been enough. Back above 2667.00 would start to signal momentum reversing up.

Also for being a session-long rally, each timing window should probe above its prior timing window. With one exception — usually the noon hour. When not the noon hour, then usually the final hour, which can reverse direction dramatically. Closing above 2672.00 would put into play 2715.00-2722.00. Meanwhile, probing above 2672.00 intraday would not yet imply the rally is durable.