Post-open Review… Their best effort yet.

Gap up extends, but still resolves down. Briefly.

So much optimistic sentiment ahead of so weighty an item as this morning’s payrolls suggests this is not a market that wants to stand still. Greeting the report more than 7 points off of overnight lows only bobbled briefly, but didn’t back off. Post-open action extended higher.

In fact, the 2477.75 post-open high probed the past week’s worth of prior highs. But only briefly. The setup was essentially 1 tick away from signaling a very bullish morning ahead. But back under 2475.75 would indicate otherwise. No particular downside pattern was likely under 2475.75. And there wasn’t much of one. Only a straight line to 2469.25.

But, wait. There’s more. The plunge to 2469.25 wasn’t required to resolve with any particular characteristics. But it has been a straight line, too. Up, testing the 2474.50 bias-up signal at 10:30.

It’s too late to invalidate the no-bias signal that already put into play an offsetting test of the 2466.25 bias-down signal. But this reaction up was the best possible effort. Unless extended higher anyway, this bounce is vulnerable (if not also likely) to producing a second post-oipen  drop — something missing from the past couple of weeks.