The First Trade & Pre-open Tour Recording…

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

NEW DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Wednesday night’s drop to 2264.50 was recovered to open Thursday at 2271.00. Fulfilling the offsetting test of the 2278.75 bias-up signal defined the morning’s high. Its reaction down targeted 2271.00, which was met by noon. Overbought RSIs at the morning’s high didn’t prevent the balance of the session from only ranging choppily between 2271.00-2277.00. The close was within 1 point of 2275.00, after the three previous sessions had closed AT it, still unable to attract strong-handed buyers.

Overnight action’s new info…
The chop continued, first drifting down to test 2271.00, and then recovering to greet Europe’s opens back at 2277.00. Haas the chop ended? The recovery has extended to probe 3 ticks above yesterday’s 2279.75 high. But this morning’s Employment Situation report is looming, as is a pre-open Fed speaker.

If, then…
The overnight rally back to yesterday morning’s 2279.75 high offers an opportunity for one bullish setup, which would maintain the gap up and extend it. Its minimum objective would be last week’s “higher prior lows” beginning at 2287.00, with potential to new highs. Of course, rallying in advance of the Employment Situation report can easily become plunging in reaction to it. Still, the other bullish setup could form, by first probing a fresh low — presumably down to 2256.50 — and opening back above prior lows. That’s not very easy, so it’s not very likely, and reacting down to the report would more likely trend down. The next lower objective would be to test 2248.50..

First Trade…
[Click here to view the Bias parameters] No preliminary indications are available before an Employment Situation report.