Futures Rise Above Thursday's Highs Overnight Reversing Friday's Selloff...Divergence Bounce to Continue?

Broad markets sold off on Friday as sellers reduced positions prior to the three-day Labor Day weekend with ES futures closing at 1632.25.  Buyers seemed to absent on the last of summer break and sellers had their way.  Sunday evening the ES futures jumped +10.50 to 1642.75 at the open of futures trading.  ES closed at 1647.50 Monday morning +15.25 for the overnight session more than reversing Friday’s selloff.  Futures reopened Monday evening and are trading near Monday morning’s close.  At this moment it appears that the absence of buyers ruled on Friday and with buyers back that Thursday’s MACD bullish divergence bounces may be ready to continue to the upside.  Watch on Tuesday morning to see if cash buyers pickup near Thursday’s high or whether traders attempt to fade the futures gap.