Pseudo upthrusts will generally occur when price is treading the fringes of a previous known area of supply (resistance) from below. This can be confirmed from the price action and pivots on the left. If price has reached the fringes of a known resistance area on the previous day, you would do well to look out for the open the next day and WAIT!. The SM has two choices,
(a) To gap up the open above the old reistance. This indicates the SM's commitment to bullishness. This is to discourage selling by traders who are holding stock at previous resistance price range in the hope for more gains! But herein lies the delicate balance, You have to wait to see if the market makers are selling into the gap or not and if the SM is prepared to absorb the selling.
(b) To open near previous close and to mark up the price rapidly. This indicates that the SM is not very bullish and is probing upwards in the resistance zone to see the market reaction. Depending on the reaction, the SM will decide upon further course of action. If the volumes are medium to medium-high and the price is not moving up (ie high equal to or not too much greater than previous high) then it's time to jump ship as the aim of SM this time is not to gun shorts stops (if they manage it then it's a bonus) but to distribute as much stock as possible before the intermediate down trend sets in (as it invariably will).
In both the cases it is better to wait & watch till almost the final outcome, as no amount of tape reading (in the absence of level 2 trading screen) or volume analysis will give a very clear picture in the intraday timeframe.
Pseudo upthrusts will rarely occur in areas of new price territory. That is not to say that Pseudo upthrusts are not potent.
KARTHIK