Probing overnight highs and the bias-up.

[pay]The cash session’s open emulated the pre-open price action that had bounced up to 1268’00. But a 5-point drop was easily absorbed by a bounce that emulated the overnight test of the 1278’50 bias-up signal. The reaction to 10:00’s econ reports surged higher still.

The blip-up’s blaap-down needed to fall back under 1268’00 if sellers were regaining control. So far that has held as support, while the blip-up’s high has been retested.

MACD & RSI haven’t confirmed the highs – the bias-up signal can trigger at 10:15 above 1270’50, but its follow-through to the 1276’00 bias-up target would all but require being retraced entirely, perhaps in reaction to this afternoon’s FOMC minutes.

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