The First Trade & Pre-open Tour Recording… Greeting the news optimistically.
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 late collapse to and through its 2919.50 target was corrected overnight to its 2930.00-2934.00 objective at 2932.25. Dipping back down to 2919.50 into the open reacted back up to test the pre-open high. Triggering bias-up cleanly at 10:15 was invalidated at 10:30 as the balance of the morning bias environment collapsed down to 2901.00. Bouncing back to 2919.50 into the afternoon bias environment ranged narrowly sideways through the close, but for a momentary dip to 2910.00. .
Overnight action’s new info…
Choppy sideways ranging around 2919.50 broke higher to 2926.00. But only momentarily before settling back to 2922.00. Europe’s opens triggered another break higher to 2928.50 whose reaction is now trying to hold 2926.00 as support.
If, then… (notes to accompany the Tour recording)
The overnight rally’s slope isn’t so steep as to labeled excessive optimism. But it is optimism anyway, and its sponsorship hasn’t gained any traction for the effort — yesterday morning’s 2932.75 prior high is still resistance. Having tested and retested 2930.00-2934.00, another retest would likely break higher. But 2936.00 and preferably 2940.00 must be recovered through a relevant timing window to confirm momentum is reversing up. Next higher objectives would be 2950.00 (+/-), 2956.00, and a retest of the 2961.25 “new Globex trend extreme,” probably up to 2969.00. Otherwise, not much support exists below in case of a negative reaction to the Employment Situation report. Perhaps some at 2892.00-2894.00, although it was already tested overnight there weeks ago. Any lower would target 2846.00-2851.00.
First Trade…
[Click here to view the Bias parameters] There is no preliminary indication ahead of Employment Situation reports.