The First Trade… Mildly optimistic, again.

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 choppy ranging duplicated a choppy overnight that had probed new highs attacking 1288.00. Rallying into the afternoon extended to higher highs attacking the rally’s 1293.00 potential to within 5 ticks. No traction was gained for the effort, despite shrugging off anxiousness ahead of Friday’s payrolls report to produce a new recovery high close.

Overnight action’s new info…
After firming to touch 1993.00, a pullback fell to 1987.00 through Europe’s opens. Consolidating there was reversed up, recovering to fresh highs at 1994.50.

If, then…
The overnight probe of fresh highs is so far a singular probe, so it is not a “new Globex trend extreme” that would require intraday retest. Having produced fresh highs overnight after dipping under yesterday’s close, greeting the open under the overnight highs would be vulnerable to tending straight down this morning — at least, it would be a last line of defense. Recovering that deep of a dip through the open, or simply avoiding the dip altogether, would be similarly vulnerable to trending straight up.

First Trade…
Preliminary indications are not considered before an Employment Situation report.