Post-open Review… Heavy lift.

Muted payrolls reaction trying to resolve up.

The surprise move by the PBOC had taken the market from 2828.50 up to 2836.00. But only temporarily before greeting the Employment Situation report at 2831.00. Its knee-jerk reaction tested and retested 2727.75 before the open, which was 2828.50.

The first half-hour then fluctuated narrowly, resisted up to 2831.00, and supported by tests of 2727.75. Resolving up invoked the grace period, but ultimately triggered the 2831.00 bias-up signal. Its 2837.50 bias-up target is in-play.

The pre-open high has been attacked to within 2-3 ticks at 2835.50. Its resistance is interesting, and holding its retest through a relevant window could establish an intraday extreme. Stopping pessimistically short of even touching it could keep buying pressure healthy enough to extend the rally this afternoon.

Reversing down is more difficult at this stage. But back under 2831.00 (being attacked now) would start to signal a pullback underway, even if only temporarily to retest the ~2525.00 overnight lows.