The First Trade & Pre-open Tour Recording… Optimistic approach.

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 2719.00 open was greeted by a very recent breakout from what had been a contained overnight range. Its The 2727.00 origin was likely to be retraced, despite extending down to the morning’s 2707.00 low. Its recovery peaked at the morning’s 2722.50 bias environment high, which was a 61.8% retracement of the pre-open breakout’s segment. And it was enough for another drop to the afternoon’s 2699.75 the afternoon’s low. Bouncing from there was still overlapping the morning’s low into the close — neither rejecting its break nor extending it.

Overnight action’s new info…
Sentiment shows no signs of pessimism as this morning’s Employment Situation report approaches. Thursday morning’s 2707.00 low held a couple of tests as support until finally surging to 2718.50 into of Europe’s opens (no defensive posturing). A quick 5-point dip recovered to probe a fresh high by 1 point, but only momentarily as price action since then has only fluctuated narrowly around the 2718.50 prior high.

If, then…
Closing back under the morning’s low decisively Thursday would have triggered a signal, that the corrective bounce from Tuesday afternoon had peaked, resuming Tuesday’s break under the prior two-week range. Still overlapping the morning’s low at least keeps the burden of proof on buyers. Buyers already failed to produce a second consecutive higher close Thursday above 2711.00 and 2715.00, and now a second consecutive lower close Friday would confirm the trend reversing down. Nevertheless, initial strength Friday would be credible for extending higher intraday. Otherwise, oversold RSIs at Thursday’s low weren’t retested overnight, and their attraction would be a minimum objective if gapping up is avoided or quickly falters.

First Trade…
[Click here to view the Bias parameters] Preliminary levels are not contemplated ahead of an Employment Situation report.