Post-open Review… Marginalizing sellers.

No immediate drop means rally likely.

As we discussed during this weekend’s Saturday Review, selling pressure must be compartmentalized to prevent it gaining traction. And not immediately extending down this morning would default to be bullish.

Last night’s spike down to 2035.00 was never repeated post-open (not even overnight). And the flat 2043.50 open rallied immediately.

Fulfilling the setup has led to triggering the 2050.50 bias-up signal. A test of the 2056.00 bias-up target is in-play.

Fresh highs are testing 2054.00, which retraces 61.8% of Friday’s intraday range. There is room for noise above the bias-up target to 2058.50.

Sellers aren’t likely to regain control before this afternoon, if at all. Any downdraft will be considered temporary if the bias-up target hasn’t yet been met. Meanwhile, extending even higher this afternoon would signal the multi-week rally was being retraced.