Post-open Review… Cooling its jets.

Absorbing a reaction down into and out of payrolls.

The overnight retest of the 2435.75 overnight high had touched 2437.25. But only briefly before reacting back down into the range. And then through it in reaction to the Employment Situation report. The 2428.75 overnight low held its pre-open test.

After printing a fresh trend high overnight,  exiting the open under the overnight low essentially reverses momentum down. Actually attempting it and not succeeding can have the opposite effect. Post-open probing under 2428.75 was all too poorly-timed to be sponsored by strong hands.

Buyers aren’t much stronger. They didn’t trigger the 2430.50 bias-up signal, and not for lack of trying. The grace period wasn’t invoked due to 1-tick’s difference when it mattered. Ultimately recovering bias-up through 10:30 invalidated the no-bias. Had the grace period triggered, this would be a late bias-up, targeting 2435.75.

The 2437.25 overnight high is a “new Globex trend extreme” that requires retest intraday, often the same day.  Making it through the noon hour without yet testing it or rejecting the post-open rally could then extend higher into the weekend. Closing negative today would be signaled back under 2429.50.