The major news flash to report is that the market was up today. Cough!
Jobs report gap up launched higher and turned bait at 7:30 and R3 for a HOD print. And our rule is to watch the hell out as reversals, at these floor trader pivot levels can really pack a punch. Especially rare are R3 touches in the 1st place!
And right on cue the liquidation to range lows printed. The kicker was that it printed a stop running excess tail, minor low of A period. Oh those minor lows!
On cue, the buyers came back in at the minor low and ground it higher back to near range highs. If it were not a raging bull market, a morning mechanical rejection at R3 would have most likely killed the market today.
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