ES Climbs Right to Key Resistance Ahead of Friday's Jobs Report. What's Next?

So far, the current upmove in the e-SPU has peaked at 1973.50, which is in the vicinity of the prior recovery-rally peaks in late Aug (1973 to 1983).

This is not to say that the index will not make another run at the late Aug recovery highs this afternoon or in reaction to tomorrow's Jobs Report.

That said, the e-SPU also needs to hold the 1954-1940 support zone to preserve the constructive near-term (post 9/01) pattern.

A break of 1954/40 will argue that the bearish coil pattern off of the Aug 24 low remains intact-- leaving the index vulnerable to a plunge to retest 1831.

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