The First Trade & Pre-open Tour Recording… Suddenly excited about payrolls.

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

NEW DAILY SCHEDULE
Bandwidth issues prevented the recording of today’s Market Tour.
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Thursday’s relatively 2468-2472 narrow range was interrupted by the Grand Jury headline. The plunge it triggered fulfilled the expected 2466.50 objective, albeit in an unexpected way. But its support then triggered a recovery into the close. Perhaps it was anxiousness ahead of Friday morning’s Employment Situation report, paralyzing price action the prior afternoon. But it is eerie that the recent spate of gaps up and/or post-open slides didn’t repeat either characteristic.

Overnight action’s new info…
Friday is already promising to be more interesting. Since initially retracing some of yesterday’s recovery back to 2468.00, the balance of the Globex session has trended higher. Gradually, but relentlessly, now probing yesterday’s high up to 2475.50. The payrolls report’s inhibiting influence seems suspect, or done.

If, then…
Another gap up and reversal down? Yesterday’s dullness not withstanding, falling right back into that pattern seems mundane for an interesting market. It’s also a lot of sentiment to express just ahead of something so weighty as the Employment Situation report. So, the question we may be faced with is whether the pre-open reaction down can persist through the morning, or if it corrected this overnight rally to allow its resumption. Regardless, this being a Friday, the morning’s bias often persists through the afternoon.

First Trade…
Preliminary levels aren’t evaluated before an Employment Situation report.