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The First Trade & Pre-open Tour Recording… All eerie on the front. – If, Then… Market Timing

The First Trade & Pre-open Tour Recording… All eerie on the front.

By Rod David | August 3, 2018 - 7:34 am

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

DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Thursday’s open was greeted by an overnight double-digit slide to fresh lows at 2791.00, already reacting up to 2797.50. While the pre-open recovery had been gradual, the post-open rally steepened almost immediately. Albeit a late trigger, no-bias rejected tests of both the 2801.50 and 2807.50 bias-down parameters and put into play offsetting tests of both bias-up parameters at 2815.50 and 2822.00. The objectives were fulfilled going into and coming out of the noon hour. The afternoon bias environment’s high touched the lower-end of its 2828.50-2831.00 renewed bias-up target. Its reaction down was recovered through the close to touch the target’s upper-end.

Overnight action’s new info…
Whether anxiousness ahead of Friday morning’s Employment Situation report, or just patience before the news, there were no traces of Thursday’s rally during Globex — not until minutes ago. Hardly any traces of any volatility is always eerie ahead of high-profile news. The immediately began dipping back into Thursday afternoon’s range down to 2826.00 before midnight. A breathtaking 3-point bounce into Europe’s opens was retraced to test 2825.00. The dip was brief, and temporary, as another bounce is now probing fresh highs to 2835.50 on China FX news.

If, then…
A lot of buying pressure was expended Friday, relentlessly, without gaining traction for its effort. That makes its optimism “ineffectual optimism.” Literally all available buying pressure was expended, fulfilling but holding 2828.50-2831.00. It’s not a sell signal, but it essentially requires more optimism without delay to avoid being reversed. The outstanding requirement for at least an eventual third higher close tilts the odds in favor of extending Thursday’s rally. Rallying from the intraday test of 2801.50 raises the concern for some interim reaction down first.

First Trade…
[Click here to view the Bias parameters] There is no preliminary indication ahead of Employment Situation reports.

Posted in members-only, Pre-market Tour, S&P, The First Trade