No surprises Thursday afternoon. Rallying

No surprises Thursday afternoon. Rallying through the noon hour was intended to allow selling pressure without it damaging the recovery”s momentum. Selling pressure was a product of anxiousness ahead of the Employment Situation report.

Recovering from a dip under 2080.50 would have qualified as holding it as support. The afternoon”s dip only touched 2080.50, before probing above 2084 into the close. Closing above 2084 would have made the reaction to Friday”s report likely to be up, and to extend higher. Still overlapping it at the close still leaves potential for an initially negative knee-jerk reaction down.

And then up. Or, else.

Beyond just a knee-jerk reaction, morning weakness can still be bullish if the bias environment is exited back above 2080.50-2084.00. But morning weakness would not be optimal to a recovery, so the burden of proof would be on buyers.

Here”s the post-market Wrap recording for more details. I”ll send the new meeting room link later…
https://roddavid10.mitel-nhwc.com/join/rkrbyxj