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Farily quiet day so far, suggesting traders have taken off for the weekend.  Late morning and afternoon will likely be quiet, with the possibility of a move in the last 45 minutes, though.

The open was below the range (1004 to 1007) that we wanted to see for an extension to further highs today, and the opening 30 minutes closed at 1001.75 (also below).  The most recent rally to the daily R1′s (high 1006.75) has seen price rejected at this level.  Accordingly, the NFP high of 1009.75 down to current highs of 1006.75 should contain price on a rally, and which we would fade short on a test.  If the ES breaks to the upside above 1010, we will not pick tops by going short and will probably not look for longs either as price could easily reverse on a dime anywhere up to the 1016 level.  We have a slightly bearish bias and could see a move down to the 996.00 major point of control (used to be 995.25, but changed yesterday), and possibly the 991.00 low made two days ago (less likely as this is too far for a range day).  We would fade long either 996 or 991.