Post-open Review… Sellers in hiding.

Post-open straight shot higher.

Overnight testing of the 2758.00 bias-up target had briefly probed 2 points higher. The open was greeted by a 5-point dip to 2755.00, which was the last hint of pessimism. Now 20 points above the open and 27 points above Friday’s cash session close, the potential objective at 2775.00 is being probed.

That’s a lot of buying pressure expended, in a brief time, but it’s hardly the only indicia of optimism. Gapping up, rallying relentlessly, with each of several pullbacks limited to 2 points each… +/- 1 tick. Several negatively diverging 1-minute RSIs were offset by persistently overbought 3-minute RSI.

“Higher prior lows” at 2775.00 were the likely objective for maintaining and extending a gap up, and that’s now fulfilled. The context has been a temporary correction, having left Friday’s 2732.00 opening gap unfilled. The pattern is entirely capable of reversing down at any time, as soon as this afternoon. But not easily without 3-minute RSI leaving overbought territory, and then retesting the high’s simultaneously overbought RSIs. And nothing would require a reversal to be relentless heading down.

Extending the rally is possible. Fresh highs now are testing 2777.00. Trending higher from an external artificial catalyst would be a compelling short, i.e. Trump China trade tweet. Could the rally hover or head higher in hopes of such reinforcement, if not in fear of it?