The First Trade & Pre-open Tour Recording… Biting off a lot for a Friday.

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

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…
Immediately rejecting Wednesday’s inability to recover positive territory was the only path higher Thursday. Gapping up above the morning’s 2752.00 bias-up signal did that. Its likely reward was to probe Tuesday’s 2760.00 high. The 2757.50 bias-up target was probed but not exceeded for long enough to renew the bias-up signal. So the noon hour finally resumed the rally and fulfilled the afternoon’s 2765.25 bias-up target. The cash session closed equated to 2768.50 and futures extended another 6 ticks higher through the close.

Overnight action’s new info…
Globex initially dipped to form a narrowing range around yesterday’s 2768.50 cash session close through midnight. Then firming to fresh highs suddenly surged at Europe’s opens to new highs at 2776.00. The surge was brief, but has been maintained as price ranges around 2776.00.

If, then…
The overnight high’s surge happens to be ranging around this morning’s bias-up target. Gapping up yesterday was the only path higher out of Wednesday’s quicksand, but gapping up today isn’t necessary to extend the rally. None of which makes gapping up bearish, or prevents a reaction down from recovering. But since Friday Factors play uniquely on gaps because of the impending weekend illiquidity. The opening 15 minutes disposition of the gap is often very predictive to the balance of the session. So, regardless of the three-day holiday weekend’s bullish influence, exiting the open back under a relevant support could target another test of Friday’s close. Similarly, because of the three-day holiday weekend’s bullish influence, a firmer open could gravitate higher into the afternoon.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2771.75 would be likely to trigger the 2770.00 bias-up signal at 10:15. Exiting the open under 2768.00 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning and welcome it’s Friday time for Friday’s Morning Market to or we’ve got another rally overnight why not interesting set up here there’s maybe one minute to discuss it because it comes down to this up or down we had to go up or down likely that the market just fluctuates sideways nearly even chop Ali around the open Notice what happened I just want to point out the this as a template from Tuesday this is a new high Gap up to a new high on Tuesday fluctuated largely positivewhere liquidity declines Etc Trend turns are less likely things can get heated to the upside more so very quickly so if they Mark it’s going to reverse down today it’s going to need to do so pretty quickly through the open if it extends hired it’s just going to create more room to absorb being productivepretty resistant Euro up sharply Euro has no unfinished business above and it’s gapping up sharply I know unfinished business above but it confirmed breakout below this is not often that this happens it’s not usual but it’s not abnormal there’s a confirm breakout Mondays break confirmed Tuesday under a multi-session range the target of this rally was already met and this is coming back to New Year’s coming out of the New Year’s weekend retested and that overnight surging through all those prior highs to new highs this is a running correction and what do we know about writing correctionCrackdown I think it was on six Banks now at this very recent search he is coming close to the flavor Tracy mat it’s been a lot longer than it normally is

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