The First Trade & Pre-open Tour Recording… Volatility knocking.

Proper context can start the day with a solid win and make all the difference.
Market Tour transcript included at the end of this post…

NEW DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
NEW LINK! Then, meet in the chaRTroom here For updates and Q&A

Through the prior close…
Thursday’s gap up to 2386.00 had already dipped 4-5 points from the overnight high. And the open quickly slid another 5-6 points deeper back under Wednesday’s highs. The noon hour’s brief plunge to 2376.00 neutralized the oversold RSIs left outstanding at Wednesday’s 2375.50 low. All of the plunge was eventually recovered, but only the plunge, as the session went out testing 2386.00.

Overnight action’s new info…
Narrow ranging under 2386.00 suddenly triggered a sell signal that intersected at 2385.00, plunging to 2379.00. The catalyst was Crude Oil plunging $1.65 to 43.75. Remarkable as that was, more so was its complete recovery within hours. No fundamental causes for the move are known. And now yesterday’s late high is being probed by several ticks up to 2387.25.

If, then…
Whether or not the 6-7 day correction of last week’s rally finally end depends on today’s open. Recovering 2388.00 yesterday could have reversed momentum up already. Instead, vulnerability to another downleg remains intact up to 2391.00. Rallying 8 points to retrace all of the overnight plunge has created momentum. But there’s still several points of resistance above, and an Employment Situation report ahead. All of which can cut either way, especially when leveraged by Friday Factors as weekend illiquidity approaches. The loose lips of multiple Fed speakers including Yellen are approaching even faster.

First Trade…
[Click here to view the Bias parameters] No preliminary indications are considered ahead of an Employment Situation report.

Phonetic dictation…
good morning and welcome it is Friday it’s time for Friday’s morning market tour that we have a new chart room address be sure to always login off of the first grade blog post or any other chart-room link and email me right away if you ever have any issues in that regard all right so yesterday we left with uptrending support I have this pivotal uptrending support identify is parallel line to it for this consists of trending someone of the consolidation so it’s parallel line being a cell signal is trigger no reason why it had to be trigger but if the to the trim line and price River to meet Liberty would ensue in fact overnight who incidentally as seemingly innocuous Cross of that uptrending support suddenly proved what was going on when crude oil which will look at it in a moment suddenly plunged poodle plunged about 60-65 well yes cratered as well now well crude oil went to New lows and yes prior Thursday’s low the difference really is irrelevant since there’s been no fundamental cause identified for the crude oil drop which is better Trace entirely and get a look at that in a minute so was yes yes was retraced entirely as well lot of buying pressure expended just to retrieve and that could be problematic for recovering today on the one hand he have 2386 yesterday’s is it morning time with you also was recovered by a Plunge 2388 which is resistance anyway and then all the way up to 2391 which actually 2391 or 9075 doesn’t have any bears reason to be tested if we’re headed to 9075 whether it’s on that late or not probably it’s because the market is going to be pushing a higher but meanwhile lot of pressure was expended lot out of short-term aggressive buyers were attracted into the market by smelling his blood in the water that buying pressure is now satisfied maybe a head’s a little bit higher it’s already piercing is his house back up that basically we can won’t be available or will be available to the open to hear this it’s not probably get out of here the upside and all that can be left behind enough to the upside of course we’ve got the employment situation report that’s going to try preventing that with God and that’s at 8:30 by the way we’ve got and that’s the only a couple we’ve got a lot of fed speakers lined up including the Ellen alright so downside is entirely plausible to resume if we were to look at a new cell signal just keeping it on the spelling correction like pattern to 2384 would be kind of an outlier but I’m 2384 were crossed if it were you know we may not actually break lower what is 2384 were broken then probably already heading down aggressively there’s that much room in other words to death and not really but not yet Alright by the way any questions please in the trim overnight down here maybe that other than actually play rejecting it says drop next puts into play 1206 1211 alright so silver trying to at least slow it’s rated set but it’s got a lower lower lower levels outstanding as well Long Pond which Gap damn that’s no way to resume Trend by the way but gap down not from within the range it’s been a lot of time pressure that’s truly miss just when you need it most to break through not only a prior extreme but what was calculable support the target tested thoroughly tested yesterday didn’t actually rejected to test went out testing it so I can’t really say that about him as in at this point until we see another session of ranging here or backing and filling or whatever it does there’s no new calculation other than 15218 has a bicycle and if that’s not a low there’s another point below from here here’s that crude oil do with yesterday had already dropped quite a bit gapping down trending down throughout remaining down testing a big big supporter of big Target of this pattern but not rejecting it and that’s the problem with not rejecting a Target once tested instead of holding it if it had wanted to introduce could have recovered today it’s still good with her back about 4617 despite having plunged overnight here is that overtime plunge coincide exactly with the S down to 4376 and then recovering and tirely I get a lot of buying pressure expended just to get that done and natural gas CIA reports today I’m sorry you got a big reaction more of the jerk reaction never recovered nothing really bullish about it we still got the same pattern same objective for fresh lives while it’s in the recording here so I can get it sent out and I will see you in the chart ruler I don’t forget we got a Saturday review tomorrow good luck today