Not just the higher than payroll estimate 263000 vs 200000 but ....
"In another blow to the Fed’s anti-inflation efforts, average hourly earnings jumped 0.6% for the month, double the Dow Jones estimate. Wages were up 5.1% on a year-over-year basis, also well above the 4.6% expectation."
50 YM points to my short entry two days ago, I’d expect further drop. ES will probably continue down to 3945-3950 range before the rate hike. NQ can’t tell.