Just three ticks of excess at the daily TPO chart high, suggesting it might not be too secure ahead of Friday’s employment data, although it is considered a “good” high.

Market euphoria continued as price rallied to another new all time high, with the profile developing into a double distribution (arguably triple) although technically price did not stop one timeframing higher, as no bar had traded more than one tick below the low of any previous bar. The point of control began to widen at 2548.00 containing price late. Market volume was considerably low compared to the price move higher (NYSE daily volume was just at 2.85 billion).

Depending on where price opens, early focus could be on acceptance/rejection of either distribution. Be aware that the 8:30am ET release of the jobs report should add volatility that could carry into the open of the regular session.

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