Post-open Review… Bias-up, Bias-up target exceeded.

Holding up, but holding back.

The relentless overnight rally had come within 1 tick of the 2929.25 bias-up target before Payrolls was announced. Its knee-jerk reaction from 2931.00 down to 2923.00 was quickly recovered back up to 2931.00.

The relentless rally resumed, greeting the open at 2934.00. Which the first hour has overlapped repeatedly. Four of the first hour’s 5 15-minute checkpoints overlapped it, suggesting a Dry Cleaners morning — difficult, perhaps better off running errands.

Maintaining positive territory throughout the first hour does suggest that buyers are strong-handed. It doesn’t prevent dipping into negative territory, but it does suggest a dip would be temporary to find more sponsorship for the rally. Alternatively, rallying out of the bias window would suggest that sponsorship has arrived already.

A second test of its 2931.50 lower-end has now pierced its upper-end to 2939.50. Resistance at 2940.00 may challenge the rally initially, but sellers aren’t any likelier to retake control.