The First Trade… Buyers at the gate.

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 was the second consecutive session that found at least two ways for sellers to expend energy without reversing the trend down. Yesterday’s session went so far as to allow the afternoon’s bias-down to trigger. Its 1981.50 target had been met already during the noon hour, which opened the door to rallying above the satisfied 1897.00 bias-down signal, despite still being a bias-down environment. While that’s clearly possible, it did leave “unfinished business below” at the 1897.00 bias-down signal. But it didn’t prevent triggering three buy signals as the balance of the session rallied back to test the open’s 1917.00 high.

Overnight action’s new info…
Intraday action seems to have been duplicated overnight. There was an early surge to 1923.00, it eventually reacted down into negative territory at 1913.00, and the balance of the session has recovered earlier highs. And higher, testing 1925.00.

If, then…
The overnight high is still a little short of Wednesday night’s 1927.50-1929.50 highs, but it’s above Thursday’s intraday high. The market seems to have wanted to greet this morning’s Employment Situation report optimistically. But no relevant level was recovered on a closing basis while expending so much buying pressure. It’s essentially the inverse of intraday action that has been letting sellers expend energy without gaining traction for their effort. The intraday selling efforts didn’t attract new sponsorship, but the buying efforts still can. Whichever way the bounce from Tuesday’s low may resolve this morning, it could be at least 70 points in either direction.

First Trade…
There are no preliminary indications ahead of an Employment Situation report.