Classic charting, an opening above yesterday’s pit high 1251, would show a 3rd gap up. Often times, this can be a harbinger of directional exhaustion.

So 1251 becomes a key driver the rest of the day. You’ve already had an early assault on the 200 day, which showed an early rejection. The S&P has moved over 100 points since Friday’s close.

If the pit session opens over 1251 and then starts coming back down ( By Not Holding this area) you can see the Risk assets go into retrace mode.