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 morning followed its template for working higher to the corrective rally”s next higher target, which was 2052.00 since the open had already fulfilled 2044.00. No higher objective would be consistent with the rally being only a correction that is retraced to recent lows. Intraday patterns had created room for noise up to 2055.50 and 2058.25, and each was met and held through successive timing windows. But the late pullback only came within 3 ticks of 2052.00, instead of closing under it, which would have helped to confirm a corrective rally was ending.

Overnight action”s new info…
Thursday”s late slide extended to and through 2052.00. Narrow, choppy ranging around it has only recently blipped-down momentarily attack 2047.00.

If, then…
Having touched 2055.50 and 2058.25 intraday, closing above them would have invalidated the current rally as being only a temporary correction. Since only they were rejected, and 2052.00”s recover may have held, closing above 2055.50 and 2058.25 today could still invalidate the correction and put into play new highs. The burden of proof is on sellers to react down decisively under 2052.00, even if that path were to first probe temporarily above yesterday”s highs.

First Trade…
No preliminary levels are considered ahead of the Employment Situation report.