The First Trade… Still hovering.

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

CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Conditions at Wednesday’s close had suggested Thursday’s session was likely to back-and-fill, which it did. Thursday’s 1927.25 high had been probed overnight up to 1933.25, but the open was back at or under 1927.25. And the balance of the session repeatedly dipped to attack 1911.00-1912.00 three times. Sellers gained no traction for their efforts.

Overnight action’s new info…
Eventually firming up to 1922.75 was reversed back down to and through Thursday’s lows to 1906.50. A bounce is now testing 1911.00-1912.00.

If, then…
The actively bullish WedEX signal had been one reason for Thursday’s session to back-and-fill. Its bullish influence Friday afternoon allowed for weak-handed sellers. Thursday’s sellers didn’t gain traction, so that template appears to be developing. Now maintaining the template would disallow gapping down, or else rallying immediately out of a gap down. Gapping down would allow yesterday’s decline to extend despite sellers not having gained traction, which would undermine the afternoon’s impending bullish WedEX influence. So, gapping down without recovering is the only setup that could begin to invalidate the bullish WedEX.

First Trade…
Exiting the open at 9:45