After two hours of trading, let's notice that although the e-mini S&P 500 declined 14 points off its reaction spike-high after the Jobs Report, the weakness did NOT violate last evening's pullback low at 1266.75, which preserves a constructive intraday pattern bias.

At this juncture, only a decline that breaks both 1268.25 and 1266.75 will disrupt the overall bullish pattern off of yesterday's low -- and should trigger a press to test more critical support at 1259.75.

Meanwhile, I am getting preliminary signals that EUR/USD is sold out down here at 1.2700 and needs a rest/relief rally period prior to my expectation for another loop down to the 1.2500 area.

What does it all mean? Perhaps that the e-SPH is holding so well precisely because it "senses" a bounce in EUR/USD.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.