The First Trade.

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

Enter the Chartroom here (pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Thursday night”s “new Globex trend extreme” at 2032.75 had been retraced to greet Friday”s Employment Situation report from 2026.00. Its knee-jerk reaction up pierced the overnight high by 3 ticks and reacted right back down. Friday”s open was greeted back at 2026.00, which was just enough strength to avoid reversing the trend down. So, dipping further past the open was reversed up from 2021.00 to a fresh post-open high at 2031.00. A late-afternoon dip was also largely recovered to 2028.50.

Overnight action”s new info…
In keeping with the theme above, another dip has been recovered, from 2021.00 to 2029.50. Also in keeping with the above theme, the recovery hasn”t resumed the trend.

If, then…
If recovering almost 9 points from the overnight dip isn”t being rewarded by fresh highs through the open, then the overnight dip will likely be revisited. And revisiting the overnight dip will likely extend down. That dip should be somewhat obvious at the open. So, not yet dipping at the open would still be within the orbit of Thursday night”s “new Globex trend extreme” at 2033.50, making its retest.

First Trade…
Exiting the open at 9:45 above 2032.75 would be likely also to trigger this morning”s 2029.00 bias-up signal at 10:15. Exiting the open back under 2021.00 would be likely to trigger the 2022.00 bias-down signal.