The First Trade… Big things, little packages.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Thursday’s two no-bias environments reflect the session’s limited range, but not its relevance. Opening slightly higher at 2091.75, but still under Wednesday’s highs, the morning trended back down to probe under Wednesday’s lows to 2084.25. The afternoon gradually, choppily trended back up into positive territory, still under the morning’s highs. Traction may have been gained, barely, by exiting the bias environment 2-3 ticks above the noon hour’s highs and trending up by 2-3 ticks to fresh afternoon highs through the 3:10-3:20 window.

Overnight action’s new info…
Immediately extending higher touched 2092.50. Trending back down greeted Europe’s opens at 2088.00 session lows. The open’s 2092.50 high was soon recovered, and is being retested now.

If, then…
If the rally gained traction Thursday, it wasn’t decisive, and it hasn’t yet been rewarded. That could be the most bullish feature of all, if that is actually patience or restrained optimism. Narrow overnight ranges often resolve aggressively at the intraday open, which would likely be up. The only “unfinished business” is above at 2094.75, and an eventual third higher close to fulfill Tuesday’s confirmed breakout, all within the context of resuming a steep recovery leg. This being Friday — ahead of a three-day weekend, no less — “Friday Factors” can interfere and invert those influences, or leverage them.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2094.75 would be likely to trigger the 2092.75 bias-up signal at 10:15. Exiting the open under 2087.50 would be unlikely to trigger bias-up.