The First Trade… And THAT’S the good news.

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

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Thursday”s gap up immediately extended Wednesday”s last-minute breakout and extended to a 26-point gain attacking 1977.00 by mid-morning. The balance of the day fell back to unchanged, and momentarily through it to 1942.00. Closing around 1847.00 was essentially flat on the day.

Overnight action”s new info…
Plunging 21 points to 1928.00 soon after the Globex open was retraced almost entirely back to 1946.00. The balance of the night has been spent trending back down to and through the plunge”s low to 1922.00. Its reaction up to 1929.00 has extended up to 1931.00.

If, then…
.Trending overnight ahead of an Employment Situation report is unusual. That either reflects how volatile the environment has become, how inconsequential the report is, or how much of a bounce is coming. A bounce? For all of its volatility and probing lower lows, yesterday afternoon”s choppiness didn”t gain traction. That”s no more reliable of a bias to launch trending, than was Wednesday”s late breakout. Gapping down is the only way to extend trending that didn”t gain traction, so the burden of proof is on buyers to absorb the drop. If not yet trending up through the open, then trending down intraday will depend greatly on the reaction already to payrolls. Which is why…

First Trade…
I don”t have preliminary indications ahead of the Employment Situation report