The First Trade & Pre-open Tour Recording… Eerie calm.

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 2623.50 opening print was already under Wednesday’s last-minute 2629.00 low. And it quickly resolved down, eventually a lot, attacking 2591.00 at the bias environment low. Already bouncing into the noon hour was extended through the noon hour, and then a little higher to 2632.50 at the bias environment high. That was actually probed momentarily by 2 points while ranging sideways through the close, supported by 2623.50… the opening print..

Overnight action’s new info…
It’s certainly possible that the momentum of Thursday afternoon’s recovery was absorbed by the negative news story about the President’s lawyer. Or, not: Almost completely retracting its first two versions hasn’t seen any effect. Sideways ranging has been contained between 2623.00-2633.50, remaining within yesterday’s late range.

If, then…
Yesterday afternoon’s bias environment was greeted by two strong trending actions, which usually produces one more. But yesterday afternoon’s bias environment didn’t. It ranged narrowly sideways, which was least likely. This doesn’t invalidate the setup, rather it increases the stored energy, making a powerful move likely. It could have developed overnight, but narrow ranging persisted instead. If the Employment Situation report’s reaction is only shallow, then I’ll expect it to expand throughout the day. Otherwise, since no traction was gained yesterday afternoon, gapping open beyond either end of yesterday’s range is likely to extend in that direction.

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