Post-open Review… De-fense.

Testing the lowest-lower end of the range.

The Employment Situation report was greeted by a Rising Wedge attacking 2807.00. The knee-jerk reaction down to 2800.00 avoided retracing the Wedge before recovering to a higher high at 2810.00. Which was essentially the bullish scenario I had described… for post-open action.

But this was still pre-open. The new day’s buyers weren’t getting enthusiastic at sellers waning. The overnight sellers weren’t still pressuring price down. So, the bounce was retraced back into the wedge. And the hesitation at extending down only aggravated potential buyers instead of encouraging them.

The minimum consequence to not recovering was to retrace the Wedge’s 2797.00 low, probably down to the next lower objective at 2793.50. It actually extended to 2789.25.

A bounce up to 2801.00 is trying to re-open the door to making buyers enthusiastic again. And we’ll know they are if the bias environment exit is recovering 2805.00. Otherwise, back under 2795.50 again could marginalize buyers for the day.