Post-open Review… Unenthused.

Tepid optimism ahead of payrolls finds tepid selling after it.

That optimism ahead of this morinng’s Employment Situation report was ineffectual, after all. Yesterday afternoon’s late rally to fresh highs, its failure to close above a prior high, and the shallow overnight range hovering around those highs. All optimistic, but ineffectual.

Contrary, or not, sentiment hasn’t been extreme. So, neither has its reactions. Post-open price action hasn’t flat-lined, but it remains contained within the range defined by yesterday’s late surge.

There was some possibility of trending earlier. The pre-open news triggered a blip-up that pierced the 2580.50 bias-up signal by 3 ticks. But it reacted down immediately, back into the overnight range and under yesterday afternoon’s highs to 2577.00. The 2579.00 open collapsed to test 2574.00, back toward yesterday afternoon’s lows.

Now 2577.00 is holding tests as resistance. No lower objective is in-play — the bias-up signal’s test was rejected pre-open, not post-open — but a dip to 2571.50 is becoming increasingly likely until recovering 2578.00.