Hey Dogpile,
Today's trading occurred on very light volume because of the holiday. I wouldn't put much weight on today's action, but it held above Friday's low and the previous balance area high at 1561. So I would say that the uptrend is still intact and would be looking for an opportunity to get long tomorrow. I agree with your "lack of seller conviction" assessment. I will be monitoring prices between Friday's buying tail and today's low for a possible long entry, if it trades there. If we trade above today's
POC, I will be looking to get long on a pullback above today's
value area, or possibly near today's
POC around 1562. Again, the balance area high from 10/1 to 10/4 around 1561 seems to be providing good support. My short-term long bias would change if we trade below today's low with conviction. We'll see what happens in the overnight session.