2077 was a threat Monday

2077 was a threat Monday and Tuesday. It had figured prominently in our conversation during this weekend”s Saturday Review. There was that much room below without totally invalidating the potential for new highs. Thursday tested it down to 2070.

Despite testing 2107 Wednesday morning, already testing 2077 doesn”t make this dip any more likely or any less likely to extend down or to recover.

Thursday”s cash session close equated to 2077. Not below it to trigger lower targets, and not above it to begin suggesting its test was launching a recovery.

Was the drop just constructive defensiveness ahead of Friday morning”s Employment Situation report? That would be bullish from a contrarian perspective. If not, and with two days of illiquidity fast-approaching, then a bigger drop targeting 2035 could be well underway Friday morning.

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