Going into Friday the expectation was not for a total reversal following the move and volume from Thursday. Friday's turnaround would have been fueled by shorts being squeezed after Thursday's heavy sell-off. Volume was 2.25m contracts (vs 2.6m on Thurs) and 4.17bn shares on NYSE (vs 4.2bn on Thurs).

The stronger than expected (with prior revision higher) in NFP and dovish talk from Draghi in the afternoon kept the pressure on shorts and pushed prices back inside the previous balance area and above the composite high volume area between 2079.00-88.00.

Overnight the range is currently 2083.50-95.50 versus settle at 2088.50. Crude is weak and currently below $39 which is having a negative pull on ES in the past hour.

We moved far and fast from the lows of Thursday and a lot of the closed out shorts have removed buying power from the market so we may see a test of various lower levels before advancing further. The upper value range shown above is 2079.00-92.75 and bulls will want to strongly defend the 78/79 area to maintain control up here.

Zones of potential engagement/targets for today are shown below: