The First Trade… Greeting payrolls AT resistance.

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 open gapped down 4 points to test
2070.00. Weak, but the much greater weakness of probing 4 points under Wednesday”s 2061.25 low was isolated to overnight action. A test of the 2080.50 bias-up signal was put into play and attracted price higher. Extending higher through the noon hour to 2088.00 created room to absorb afternoon selling without damaging the chart, and 2080.50 held its touch before the close.

Overnight action”s new info…
The closing bounce tested
2085.00 trended higher overnight and eventually probed fresh highs at 2091.25. Its reaction down attacked 2085.00, twice. Each attack bounced back above 2088.00, which is being probed again now.

If, then…
Critical resistance at 2090.00-2095.25 is being tested overnight. Its range has been pivotal during the past four weeks. Two prior closes under it were resolved by gapping up above and extending to new highs. Tuesday”s close under it didn”t recover, as price action since then has been exclusively under 2090.00-2095.25. A lot of energy would be expended to probe above it, so there could be a very bearish consequence to not maintaining its recovery through a relevant timing window. Which assumes it will be probed, at all, since this morning”s Employment Situation report is being greeted from a position of weakness being below it.So, more than an initially negative knee-jerk reaction could find recent lows have chipped away at support. Either way, this being a Friday, the morning”s bias is likely to persist through the noon hour.

First Trade…
Preliminary levels are not available before an Employment Situation report. Look for their levels to be available in the chaRTroom after the report”s reaction.