Post-open Review… Holding up. Emphasis on holding.

Post-news lower than pre-news.

The 2733.00 bias-up target was touched moments before the Employment Situation report was released. Its knee-jerk reaction down to 2729.75 was reversed up as quickly to a fresh high and higher to 2734.75. Neither extreme extended, as as slide back between them greeted the open at 2732.25.

The 2733.00 bias-up target was touched again, which now also represented a 61.8% retracement back up to the pre-open high. Both being resistance, price collapsed to 2726.50. Its recovery touched the 2732.25 opening print, also resistance, triggering another reaction down.

The 2727.75 signal was attacked to within 3 ticks. But it had become too late to avoid triggering bias-up. This is a bias-up environment whose bias-up target has been met. Already having met the target, and having yet to probe the pre-10:15 high, another downdraft is possible. Anything under the bias-up signal would be similar to no-bias trending, and required to recover.

But it’s still possible — not so much to test the bias-up target that the open already touched, but also for an intraday test of the overnight “new Globex trend extreme.” A retest of the overnight high may be required, but could be delayed indefinitely. So, a break lower may not collapse, but its recovery wouldn’t be assured.