Fades of an initial gap or post-opening rally, especially those into resistance, and especially fresh on the heels of a strong correction like we just had (since most are still bearish looking to short the rips) are common. You may or may not get them & depending on how pent up the demand (buying pressure from both bulls/longs as well as trapped bears/shorts), any fade may or may not make it all the way down to the first decent support level.

So far today, /NQ pulled back from the 9:23 am spike high of around 12421 down to a low of around 12272 at 10:01 am EST, a fade of about 1.2% with the buyers stepping in aggressively since then. So far, /NQ & /ES just ran into & as expected, reversed off those first targets on the 60m charts (not the 120m’s) posted yesterday. If/when they power back up & take out those levels (today’s highs, so far), that should spark another leg up.

Thx for pointing that out. I often rush to get these posts out since many are time-sensitive. As such, I usually fire them off without proofreading. Just fixed the typo in the text (but not on the chart, sort of a PITA to re-do & replace the charts).