The First Trade & Pre-open Tour Recording… Creating a buffer.

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…
Wednesday’s gap down to 2490.50 was in recovery mode from having attacked Tuesday night’s 2452.00 low down to 2462.50. Its blip-up to 2493.00 began collapsing almost immediately to probe fresh lows down to 2447.00. Recovering almost all of it by noon proved only temporary, as the balance of the session trended back down. The close was overlapping the morning’s low down to 2443.00, after having stopped optimistically short of even touching it during the final hour.

Overnight action’s new info…
Firming through the Globex open up to 2456.00 was reversed to probe yet more fresh lows down to 2438.50. But only temporarily, as firming again was consolidating up to 2462.00 by midnight. And that soon resumed its recovery to attack yesterday’s highs up to 2487.00.

If, then… (notes to accompany the Tour recording)
Stopping optimistically short of retesting Thursday morning’s low had made the overnight dip likely. Its probe was relatively shallow and brief before reversing back up into Thursday’s range. Although just another version of optimism, it hasn’t been ineffectual. That hasn’t prevented rallying so much into so weighty of a report as the Employment Situation report. It’s yet another version of optimism, and potentially bearish from a contrarian perspective. Potentially. Maintaining the open back above Thursday afternoon’s ~2474.00 high could form a “session-long rally” setup. Meanwhile, touching yesterday morning’s 2489.00 high during the open would require its recovery to be maintained, too. Rejecting either setup, or both, would have a lot of room to expend selling pressure before challenging yesterday’s lows. But a deep enough retracement this morning would remain vulnerable to extending down into the afternoon.

First Trade…
[Click here to view the Bias parameters] No preliminary indications are considered ahead of Employment Situation reports.