Post-open Review… Up is the new down.

Opening surge marginalizes sellers. Sort of.

If the open wasn’t already in decline, then the market is likely bottoming. Not necessarily rallying, but at least attracted up to 2364.50 instead of down to fresh lows.

And that’s regardless of having surged from the 2354.00 open up to 2360.00, and then already eking higher to test 2363.00. If anything, such aggressive behavior so quickly from essentially unchanged is ripe for retracement — it attracts more impatient weak handed buyers than patient strong hands.

So, as we discussed during this weekend’s Saturday Review, the bigger picture points up. But now a lot of room has been created to absorb selling pressure without it damaging the chart, which a healthy rally would likely exploit. It’s not required, but a pullback to 2355.75 or 2351.50 can’t yet be dismissed.