Opening within the prior day's value, we saw an early push down into the key support zone at 85.50-87.50 and responsive buyers step in. The market slowly one time framed higher for the majority of the day session on fairly low volume, eventually breaking the initial resistance and forming a second distribution above that zone to close above last week's high.
The market balanced in a small range overlapping higher to yesterday's upper distribution and making a new marginal all time high before the release of the employment report. Following the very poor NFP number aggressive selling has pushed down towards yesterday's VPOC.
Current range 2091.25-2106.00 vs 2103.75 settlement
Given the weak economic release, sentiment has turned negative and short term bias is bearish going into the open. Primary expectation is for rallies to be sold and an attempt to fill the gap at 2077.25-80.75 on the cards, with at least a test of yesterday's low. There's potential for a strong trend day lower if there's acceptance below the initial gap. Acceptance above the overnight VPOC at 2103.50 would negate the bearish bias.
Updated zones for today: