Post-open Review… Crossing lines in the sand.

Payrolls reaction trends up sharply.

Gradually firming to probe yesterday’s intraday high up to 2747.00 had once again been retraced to and through its origin. Actually, pessimism pushed price back down 11-12 points before the Employment Situation report. Then the newly stretched rubber band snapped back up. Hard.

Spiking to overlap the 2758.00 corrective bounce objective attacked 2764.00, ranging sideways into the open. A post-open setup identified support at 2757.00, whose test held through the opening 15 minutes of volatility. Recovering 2761.00 then confirmed the pre-open rally had resumed. The next higher objective at 2770.00 was tested, too. It’s now being exceeded by more than 4 points.

Keep in mind that sellers can’t be marginalized today. They might not be influential or productive, but they remain a threat. It’s too soon to indicate whether the bearish distributive template is done. It was still influential overnight. It influences behavior, regardless of price levels.

Having tested 2770.00, not also closing above it would maintain the week-long rally being only a temporary corrective bounce. This being a Friday and already testing 2770.00, rejecting it should close back under 2758.00… or lower. Otherwise, entering the noon hour above 2770.00 would start to suggest the distributive template is not influential.