The First Trade & Pre-open Tour Recording… Still chipping away at gaps up.

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…
Rallying overnight ahead of Friday’s Employment Situation report was unusual. Not the ultimate reaction, which found buyers sorely lacking just when needed most — to extend or even to maintain a gap up. The gap did try extending higher, almost creating an anchor that would reliably attract price up to it. But the gap up soon reversed down. I know, shocker. Only a couple of exceptions to reversing gaps up in the past two weeks. This was aggressive, plunging 8-1/2 points during the first half-hour. The balance of the session ranged narrowly sideways.

Overnight action’s new info…
Sunday night’s open soon firmed and eventually recovered to attack Friday’s 2477.75 post-open high. Hovering there into Europe’s opens found no new sponsorship, and Friday’s 2473.75 cash session close has been retraced, attacking Friday’s 2472.50 futures settle.

If, then…
Ongoing ranging just under prior highs suggests that at least an obligatory new high will print. An ongoing range also suggests that the immediate resolution’s direction is unknown, only that it’s likely to be temporary and that its reaction is likely to be more durable. As the range narrows, the initial breakout is getting easier to anticipate. And presumably closer. In fact, Drudge has an entire section of 4-5 headlines devoted to the stock market’s impending collapse, which suggests near-term timing of an upside direction.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2474.00 would be unlikely to trigger this morning’s 2476.25 bias-up signal at 10:15. Exiting the open above 2478.00 would be likely to trigger bias-up.

Phonetic dictation…
good morning good morning and welcome it’s Monday it’s time for Monday’s Morning Market to or we didn’t have a Saturday review wasn’t really a lot to review as just the same story of course the same story eventually becomes quite a different story in the market but that same story is the ongoing series of gaps up Gap up Gap up a little bit little bit more skip a day Gabba Gabba actually flat butt at the upper end of range cab up and in each case react down not extend higher and then some of these several of these including Friday pretty aggressively react down and so in addition to which you know we’ve had a two week. Quite a few closes just under 2475 around 2474 with very few exceptions to these three these two still right around the range noise around the range in other words nothing happening and as is the case or what tends to happen in a market that is dull and listless is that it resolves of course everything was always eventually it wouldn’t resolves it tends to resolve One Direction and then reverse more substantial in the opposite direction this happens to be a high back on the 27th so Thursday and a half ago and hovering at highs or just under High’s pessimistically short basically ineffectually optimistic holding up without doing anything that by the way tends to have its own resolution at obligatory high now we could have we could have extended down within a few days or a couple of days rejecting a fresh on ice and stead as in happened within a few days or a couple days few days after that it is so couple days few days been working just isn’t finding sellers here it’s going to have to go higher to find them and by the same token it’s not really finding strong-headed sponsorship this is not accumulation it may resolve up and may resolve up initially but it probably finds a pretty good reaction down when it does if it reacts David resolves down first it probably find support for a better balance again back to Fresh highs but we don’t have a pattern in here that he had suggest the rally is going to extend so as for last night no new Clues I don’t have to be if it would shock you to know that we rallied back to the high in fact the only thing shocking here is not that we were indicated to gap opening hours earlier this is not at all reliable for for the opening range but the potential to Gap up is Ben retraced that’s been raised to 7375 that was Friday’s Cashing close Futures with 7250 not reversing in the negative territory and Fridays Gap up itself which followed a head of the employment situation report and did try to probe higher almost creating an anchor there I did try to on Friday that isthis has been the upper end of the range so everyday is an opportunity every open is an opportunity to resume the wrapping up and be the most likely way to get it done or just gradually firm or whatever throughout the day and the last time I went in last 60 to 90 minutes which are not affected by the prior session so in other words because buyers and sellers both failed to gain traction Friday trending today needs to begin by gapping so gapping up camping down Beyond other end of the Friday’s range the open doesn’t Gap then the next opportunity to Rally or decline be on the Range is the last 60 to 90 minutes of the day so if today isn’t going to reject the Gap up and reverse down the session until the last 60 90 minutes could be spent firming 2 proximity just to be in position for the last 60 to 90 minutes to break her will see nothing is indicated at this time as far as which 279 at would have triggered a reaction up did eventually 279 didn’t really react up substantially because it had completed the testing that to avoid a deeper dropping andcouple of sleeper Lowe’s in here they’re basically gaps that could hold could launch recovery account otherwise get food that support and there’s not much other support below silver as well no real asleep or Lowe’s and silver but 1590 1580 potential support just as a correction long bond which stopped just sick stick short with Friday’s blip up on the employment situation report from Thursday’s close just under the target area just hat the prior High seems like it’s really being rejected quickly that pessimism is creepy and it does look that’s a mistake when you rally this far and this much and that that sustainable and I should say that high but it really did set in pretty quickly the highs weren’t really relished barely pierced the prior High so I’m suspicious that the reversal dad is actually going to reverse that we’re not X not going to actually test the high Friday’s high before any kind of reversal if it is a reversal can set it crude oil flat to lower Silesia closer to 4825 or reverse the trend and natural gas when on Friday or before Friday is open satisfy Mondays or Tuesdays love that is but .