The First Trade & Pre-open Tour Recording… The less things change.

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…
Wednesday night’s rally greeted Thursday’s open above Wednesday’s 2571.50 high at 2574.00. Maintaining the gap through the open triggered a passively bullish WedEX by proxy, which will be influential this afternoon and Monday morning, but not this morning. But WedEX was the least of it. The open immediately resumed rallying and extended sharply higher through the afternoon’s bias environment. Gaps were filled, including the structure containing the gap back to last Wednesday’s 2591.50-2593.00 close. But not the gap itself, and not the afternoon’s 2590.50 bias-up target. After retracing 87% of the drop from last Tuesday’s 2594.50 overnight high to Wednesday morning’s 2555.50 low, the balance of yesterday afternoon dipped back down to 2584.00.

Overnight action’s new info…
Slightly lower and lower lows extended gradually overnight to test this morning’s 2580.25 bias-down signal by 3 ticks. The latest dip has been retraced to test yesterday’s late low as resistance up to 2584.50. That’s only 1 point under yesterday’s close.

If, then…
REMINDER: I’M AWAY FROM THE SCREENS AFTER THE OPEN UNTIL NOON. Dipping into yesterday’s close relieved some of the rally’s overbought situation, and overnight action more so. Absent a suitable catalyst among pre-open headlines, the bias-down’s support will likely avoid triggering. That wouldn’t ensure a morning rally, but the afternoon’s bullish WedEX influence would be likely at least to attack yesterday’s highs. Rallying aggressively this morning could affect the afternoon’s WedEX by already probing new highs before entering the afternoon’s bias environment. The highs are a dangerous area to try defending when weekend illiquidity starts bearing down, which could invert WedEX’s influence to bearish. WedEX could also invert if a morning drop were exited under relevant support. Ultimately, the afternoon’s direction may be a determined by what “unfinished business” remains outstanding when the noon hour ends.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2582.00 would be unlikely to trigger the 2580.25 bias-down signal at 10:15. Exiting the open under 2585.50 would be unlikely to trigger the 2588.00 bias-up signal.

Phonetic dictation…
good morning and welcome it’s Friday it’s time for Friday’s Morning Market or a couple quick programming notes Here 3 actually what is as you can see we have a new term assignment these happen very regularly and sometimes by Mike using More Often by adobe’s choosing just be sure you’re getting the link the current link to the chart room from the blood and if you can’t find it there right away it’s actually at the link but if you can’t find it there right away of course you’re welcome to email me programming number to reminder add this morning I’m going to be here at through the open through the open as in through 10 and then I’m away until noon and then back for the rest of the day unrelated we’re not doing Saturday review tomorrow cancelling Saturday review tomorrow as well as of course as usual during the holiday weekend next weekend so if you have stuff that you want to review please be sure to bring them up this afternoon with the market being as wild and volatile as it’s been pretty much been doing a bigger picture review every day so I’m sure that will just add a couple things today did today’s market wrap and that’ll suffice alright what’s going on so yesterday gapped up gapped up above Wednesday’s range Wednesday’s rains at once again held while chipping away at 2563 75 Snapback up considerably we weren’t prepared for that reversal and any reversal here as potential back up to the highs if not higher it happens and it did happen so quickly that is so quickly as Corrections do if they’re not coming from basing which this is not basing their retracing and retracements of the prevailing trend of what turns out to be the prevailing Trend by it resuming retracement Corrections are steeper and more productive more alluring that’s their job is to attract counter-trend trap it refuel the prevailing trend Wednesday Wednesday mornings Tuesday night’s new Globex Trend extreme overnight I at least if it doesn’t require being retested we can we at least use it as a basis for identifying the overall trend Wednesday’s 5550 low 87% of a 68% correction to 2589 so it’s imperative for the rally for the recovery at least Wednesday if not maybe even 2:50 which was standing I should say that can be testedbut that’s going to be otherwise if not at least because of the correction or at least taking what was over and correct correct correctsome of the overbought and then overnight that has extended it did extend at least briefly that six points out behind the yesterday’s closed another four points overnight to 7950 actually testing a T25 which is this morning’s bias down signal tacked it to Atlanta Tech pierced it by 3 tix 8025 seems to be influential I think we’ve got the right by us down signal for these two pieces of evidence we don’t usually get we don’t always get evidence ahead of time this is always helpful we also might start doing that as having tested 8025 open and holds Hill put in to play an offsetting test of the biceps tendon which is 88 would you get and gets us in proximity to be testing that I guess Target afternoon a lot can happen in the afternoon just so you know it’s not an assurance that the bullish Red X is going to influence price necessarily it did trigger late it’s also not an insurance that because it’s a bullet X that the afternoon will behave bullishly it is possible that this morning rather than just probing yesterday’s hydrotesting because it won’t require but if this morning anyway and rally and neutralizes 50 not just the Gap back-to-back the last Wednesday’s close 93 area but also the afternoon or in the morning and afternoon to inverting the bullish Red X to bearish so don’t be assured of the specific afternoon influence of the X that’ll be heavily dependent in the morning and afternoon extending it a little bit more well if that puts into play for 75 if the afternoon is 475 dangerous really risky for trending down to the afternoon wouldn’t put anything past the pattern this particular or today’s expiration it’s also dangerous dangerous into a Wednesday afternoon Friday afternoon weekend Wednesday equally difficult to defend against against all the wayalleviate the oversold getting over black condition from your staff and type it looking at other markets to the Yen did something very nice yesterday wow basically fluctuating unchanged Wednesday’s Gap up above all prioritize needed at some point to be were tested from above also Wednesdays breakout itself it’s breakout session needed to be confirmed with the higher close and yes they said she did not confirm with a higher close second consecutive are close but what it did do after after having dip to touch lower prioritize yesterday’s high did neutralize the attraction above the Gap back to Wednesday’s open by breaking back under Wednesdays Lowe’s but undermined the breakout the momentum and it really requires and mediately resuming the rally if the rally is valid the rally is trying to resume immediately so far it is Rally back up to or Wednesday been recovered hovering there that’s not enough proof yet still need to close actually close above yesterday’s highs above 88-85 8880 and by the way any negative Claus is going to be very excited actually got the inflection point is which is a fresh low in this particular pattern but just closing negative after trying after being in position to be to reject the otherwise bearish development yesterday then failing to exploit the opportunity to reject that this morning has been speaking this morning before closing low enough to resume the decline you can basically the arguing the resolution to that argument should be pretty productive in whichever direction the sellers higher and higher while trying to confirm that this is just been a pattern neutralizing downside attractions and doing what the last rally tried prematurely to do probing hire overnight probing hire overnight getting slammed here right back down to yesterday’s highs so that’s really what we want from a bicycle we wanted to be productive we wanted to get back up to the trend in this case so you can see it keeps coming into resistance or coming into resistance has then met pessimistically overnight gold silver will it get up enough to actually buy nearby 1711long blonde has had a couple of days opportunity since Wednesday is open to break through 15402 and has notand isn’t indicating any in any inclination to do so this morning the longest bull that killed 153 momentum hasn’t reversed down crude oil just cannot break under 5535 pullback limits cell signal needed to close under it and instead continually overlapped it for multiple sessions which is usually a good tell that that is that that’s holding that’s been our posture last several days overnight but we don’t know until there’s a recovery actually about 56 confirmed above 5665 overnight 56 is tested and now being probed there’s no Assurance of actually recovering it but in the context of having had ample opportunity to break on 255 35 and also having an attraction back to the hives that intraday research however and founded it may have been it wasn’t rejected immediately so it’s retest is likely and then Natural Gas has formed a falling wedge felling wedges are generally by mainstream anticipated to resolve favorably Rising wages unfavorably breaking likely or vulnerable at least to resolving down just as much so as to resolving up and aggressively so it is interesting that overnight there is strength in here but the indication of valid strength is to get back out above that connector most recent touch that is of downtrending resistance and down turning resistance what was used to create the down training resistance after the anchor connector was that last relative I at 3:10 311 we already know there’s resistance to 312 without getting out of 310 311 312 any kind of attempt to break out to the upside is not going to prevent extending down and again any questions good luck today

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