Post-open Review… Pandemic.

US market follows overseas lead higher.

Being greeted similarly to yesterday, this morning’s open was likely to resolve differently. Whichever the direction, it should include immediate post-open aggression.

The open spiked up several points to fresh highs testing 2047.00. Its 5-point reaction down to 2042.25 was probably due to news that a JFK terminal was being evacuated.

Absorbing the news quickly recovered to the opening high. And that eventually broke higher to now test 2052.50. Overbought RSIs make any pullback likely to recover.

The next higher objective above 2050.50 is 2055.50, with a potential obstacle at 2053.50. This morning’s bias environment’s higher and higher highs already differs from yesterday, which only trended back down.

Sellers aren’t necessarily marginalized this afternoon, which is actually a little likelier to range sideways than to retrace — and least likely to extend the rally. Pullbacks meanwhile have room down to 2046.50 or 2044.50 before suggesting momentum is already reversing down.