Post-open Review… Gap up maintained.

lede .

The Employment Situation report was greeted at Thursday morning’s 2279.75 high. Its knee-jerk reaction spiked up and extended to Wednesday morning’s 2285.00 high. Extending higher greeted the open near the lowest of last Friday’s “higher prior lows” at 2287.25. Reacting down almost immediately post-open held 2283.00, and has recovered to attack 2292.00.

The 2287.25 bias-up target was still being overlapped at 10:15 to avoid renewing the bias-up signal. It’s still a bias-up environment, but not required to extend higher. Exiting the bias environment above 2290.00 would still target new highs, potentially up to 2327.00.

Meanwhile, the opening strength represents a test of last Friday’s “higher prior lows.” This natural resistance is capable of triggering a steep and/or deep corrective drop. But there’s room back down to 2286.25 before another dip can’t be considered only a temporary pullback.