Yesterday's overnight move pushed through buy stops and accelerated the short covering rally to leave a large gap at the open. The continued push higher left a short covering P profile with a lot of clear air underneath to rapidly retest if we see a disappointing employment report or other headline risk. The short covering would have weakened the structure somewhat on the way up having taken a lot of buyers out of the market.
Short term value is attempting to move higher, and has done so extremely rapidly. 2047.25 is a bull/bear level for me which is 50% of yesterday's RTH range. The employment report is at 7:30am ct, so increased volatility is expected.