Weaker than Expected Jobs Report Weighs on the Stock Indices

In the past hour, ES (Emini S&P 500) has pressed to a full-fledged test of the lower coil boundary line in the vicinity of 2138, after earlier hitting the coil upper boundary line in a knee-jerk pop immediately after the weaker than expected Jobs Report.

The Bears are in near-term directional control, and are threatening to crack the coil pattern wide open-- in a break to the downside.

If ES breaks 2136.00, my work argues that the potential for a very sharp decline increases significantly-- that will point ES towards a target zone of 2120-2110, in route to 2080 thereafter.

The most precarious set-up will be if ES manages to hold in and around 2138-2140, but ends today's session leaning against the lower coil line for the weekend.