As the incoming stream impacts against the standing pool of soap, a very thin sheet of air is trapped in between. This sheet of air makes the standing pool act like a frictionless surface, the incoming stream slides away in all directions or makes a small divot which then acts like a ramp, directing the stream back up into the air! By using a syringe it is possible to fire a stream sideways across the surface of the soap where it then acts like a long, heavy chain thrown across a sheet of ice.
Another interesting behavior is when a kink or wave in the falling stream of soap remains stationary or travels backwards up the stream against the flow! (See 1m12s) This unusual event can also be seen in lengths of falling chain (or long loops of continuously flowing chain).