The First Trade & Pre-open Tour Recording… Conflicting overnight efforts.
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…
Friday’s Employment Situation report was greeted at Thursday’s 2828.50-2831.00 highs. A China trade war headline was still being absorbed, so price only fluctuated there into and out of the open. The morning attacked the 2836.00 overnight high temporarily, dipping back down into the open’s range — but never reversing lower. Recovering through the noon hour extended higher through the balance of the session. Both the morning and afternoon’s 2837.50 and 2838.50 bias-up targets were met by a surge into the position-squaring window. Last-minute action extended up to 2840.50. No new unfinished business was left outstanding.
Overnight action’s new info…
Sunday night’s open blipped up to 2843.00, then drifted back down 3 points. Fresh highs up to 2845.00 before midnight then drifted back down 3 points, too. And then another 3 points back to the first 3-point reaction’s low. And then another 5 points down to Friday morning’s 2835.00 high. Volatility has only expanded during the past two hours, which surged 8 points to 2843.00 — back above Friday’s highs, for now.
If, then…
Friday’s close retraced the prior week’s 2838.25-2842.25 high close. This confirms the interim dip was only a temporary correction. Consequently, that also confirms the outstanding unfinished business above, requiring an eventual third higher close. Friday’s close at the prior week’s high close doesn’t qualify. So, the question is whether today will fulfill it. The earlier overnight lows were threatened AFTER probing above the prior session’s highs, which would reverse the trend down through this morning, at least. Maintaining its recovery would keep the door open to extending the rally without delay.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2843.00 would be likely to trigger the 2841.00 bias-up signal at 10:15. Exiting the open under 2838.50 would be unlikely to trigger bias-up.