Market loved the jobs numbers this morning so likely to have a bit more movement before the open, but looking at it now we have a strong hourly and 15m candle and breakout of that bull flag. That should signal another attempt at 510.13 and higher. I’ve marked it out on the chart below, the danger zone would be below 507 entering back into yesterday’s range. But above 507, and definitely above 508.11, buyers are in control.

Today is simple but with a large pre-market push likely to be difficult to trade at the open. Knowing this, we can build our scenarios to where we stay out of trouble.

1) 508.11-507 could be an opening consolidation area as the cash session digests the jobs data and morning pop. A pullback to 507 is buyable
2) Over 508.11 target 509.59, 510.13, 511.08, monitor for continuation
3) If price happens to push back below 507 target 506, but this starts to put the run in a danger zone. Below 506 is 504.50, not likely to do that but if it does you know there is a strong tone change and we should be aiming for 503.31

William Wallace