Post-open Review… Terribly choppy.

Payrolls reaction saps remaining optimism.

The overnight rally up to 2649.50 had reacted down to within 1 tick of this morning’s 2645.25 bias-up signal well before this morning’s Employment Situation report. A bounce greeted the news within 3 ticks of the pullback’s origin. Its reaction surged up to 2652.00.

The open’s dip retraced the reaction back down to its 2648.75 origin. Snapping back up only touched the 2651.25 bias-up target before dipping again. And again. Lower and lower to 2646.50, holding 2647.75 through the opening 15 minutes. But still more than 1 point above the 2645.25 bias-up signal. Which then triggered at 10:15.

This is a bias-up environment, whose target has been met. Being bias-up still allows trending through the bias-up target, which isn’t required to hold as resistance during a bias-up environment. That doesn’t normally happen, except to probe temporarily higher and retest overnight highs or “higher prior lows.” But this being Friday and its bias signal likely to persist through the noon hour, fresh highs would be credible for extending.

Meanwhile, the open’s range is defined as 2647.75-2648.00 support and 2650.25-2651.25 resistance. This range has contained and restrained trending efforts. There is no momentum in either direction, or any attraction in-play. Exceeding either end of the open’s range through a relevant timing window would be likely to trend in that direction through the close.