Post-open Review… Life comes at you fast.

Relief rally reverses quickly to test support.

Greeting the Employment Situation report at 2685.00 reacted up relatively shallowly to 2693.00, so wide is the range. This confirmed suspicion #1 that any focus on the report was mostly to get beyond it, and not that its data or reaction would guide intraday price action.

Suspicion #2 was that the shallow reaction would be rewarded with a relief rally, to whatever degree, probing above yesterday’s late 2699.00 high. That arrived in a post-open surge to within 5 ticks of this morning’s 2711.00 bias-up target.

Then sellers arrived, and the action really began. Reversing back under the 2702.50 bias-up signal put into play an offsetting test of the 2680.25 bias-down signal. Which was touched within 3 minutes of 10:15 to invoke the grace period. And then triggered through 10:30.

The 2668.00 bias-down target was soon pierced by 2 ticks. Fresh lows after both 10:10 and 10:30 are difficult to reverse, regardless of the objectives being met — especially when the low is accompanied by simultaneously oversold RSIs. So, be careful with buy signals, the earliest being back above 2680.25. The downside’s limitation is to tests of 2656.00 and 2626.00.