The First Trade & Pre-open Tour Recording… Jobs.
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…
Thursday’s open had been greeted by a narrow flat-to-higher overnight range. The range had just begun breaking higher shortly before the open, attacking 2540.00. The open’s reaction down to 2537.00 was recovered on the way to fresh highs. That little reaction, brief was leveraged both by buyers chasing the rally higher, and by actual fundamental developments. More than being a reaction to headlines, the news had contradicted expectations.The afternoon was greeted ta 2549.25, only 2 ticks under the close, despite having triggered its 2547.00 bias-up signal. The 2552.00 bias-up target becomes “unfinished business above.”.
Overnight action’s new info…
Yesterday afternoon’s narrow ranging was at least flat-to-higher, briefly attacking 2551.00. Last night’s range was flat, and narrower than the prior two that had at least challenged a 2-point width. But calling it the open’s indication would ignore the narrowness’s cause, which is the impending Employment Situation report.
If, then…
I began tracking this upleg’s correlation to the Up/Down-crash setup after day-5 Yesterday was day-7 of consecutive higher closes. This upleg comes within one week of the prior stretch, which lasted 8 days. Neither stretch included the interruption of a lone counter-trend down-day. So, closing negative today after this morning’s payrolls report would not disrupt the setup’s count. Meanwhile, closing higher today would be a new trend high close on a Friday, further entrenching the uptrend and its characteristics. Considering the cumulative “unfinished business below” that has been left outstanding so the rally could extend, today’s intraday action could be wide-ranging, and multi-directional, taking wide swings before the close.
First Trade…
[Click here to view the Bias parameters] No preliminary levels are considered before an Employment Situation report.