Post-open Review… Earned it.

Pre-payrolls pessimism’s pop-up proceeds patiently, persistently.

The bullish scenario I described during the Market Tour was that testing the earlier 2732.75 overnight low reflected pessimism. And pessimism into a known-event like the Employment Situation report is potentially bullish from a contrarian perspective.

The test had touched 2731.25 before greeting the news at 2733.00, which spiked up to 2744.50. Its pre-open retracement blipped-down briefly post-open to 2734.50, then started recovering. The 2740.75 bias-up signal was triggered, the reaction’s 2744.50 high was recovered, and now the 2747.50 high has been touched.

The 2749.00 bias-up target is in-play. Extending any higher would target the low 2750‘s and potentially also probe above 2760.00. One impediment to extending higher is the open’s delay recovering decisively, which would have been preferable in this scenario. So, sellers aren’t marginalized, but the burden of proof is still on them.