Post-open Review… Too little, too late.

Gap up holds resistance.

Last-minute firming greeted the Employment Situation report on a shallow reaction off of 2411.00. Its reaction spiked up and extended to the 2417.25 bias-up target. That was retraced back down to the 2411.75 bias-up signal just before the open.

All of which is too shallow to suggest stronger buyers are offsetting yesterday’s sellers. The trend remains down.

First things, first. This is a bias-up environment. Exceeding the bias-up target through 10:15 would have renewed the bias-up signal next targeting 2425.25. But it held. Still being a bias-up environment, the morning’s rally might extend, despite not being signaled. Regardless, the 2411.75 bias-up signal should define the window’s lower-end if tested as support.

Until the bias environment begins lapsing.

Breaking under 2411.75 after 11:30 would be free to extend down. And likely would. Regardless of the path there, resolving down remains likely so long as 2417.25 isn’t exceeded as the bias environment begins lapsing.