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…
Except for a drop through the noon hour, Thursday”s session rallied higher through the day. And that followed gapping up to retrace most of Wednesday”s late plunge, which had extended even lower overnight. Although the bias environment exit and final hour”s entry reflected no momentum, the last half-hour surged to almost touch the 2059.00 upper-end to the ongoing channel.

Overnight action”s new info…
Thursday”s last half-hour surge was gradually retraced before midnight. That retracement was gradually recovered into and out of Europe”s opens. A shallower dip has been recovered, too, forming an Ascending Triangle with two hours still remaining before monthly payrolls is announced.

If, then…
The market”s underlying upward bias seems strong enough to absorb an initially negative knee-jerk reaction to this morning”s pre-open Employment Situation report. But it might not be strong enough to maintain an initially favorable reaction, since yesterday afternoon”s key timing windows lacked traction. The Friday Factor may be more relevant today than any other influence.

First Trade…
No preliminary levels are considered ahead of an Employment Situation report. These will be updated during the pre-open Market Tour.