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The First Trade & Pre-open Tour Recording… Paralyzed by anxiousness. – If, Then… Market Timing

The First Trade & Pre-open Tour Recording… Paralyzed by anxiousness.

By Rod David | February 1, 2019 - 6:41 am

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 open had reversed down from probing Wednesday’s 2690.00 high to probe 5-6 points under the 2681.75 earlier Globex low. The reversal formed a potentially bearish Globex-flip setup, but it never confirmed under Wednesday’s 2674.25 last relative low. . The reversal was delayed so long it had developed a Too-late to break setup that offered an opportunity to recover. The recovery opportunity was exploited by a morning-long rally up to 2708.00, meeting the rally’s next higher target at 2701.00. was met. Perhaps inhibited ahead of the post-close AMZN earnings and anxiousness ahead of Friday’s pre-open Employment Situation report, the balance of the session ranged flat-to-lower down to 2693.00. Late comments regarding China trade negotiations triggered a surge attacking 2708.00 through the close.

Overnight action’s new info…
Sympathy with AMZN’s reaction to its warning was overcome by more China trade headlines that pushed price up to attack 2712.00 until the Globex open. Gapping back down to 2708.00 ranged sideways, nearly recovering while also eking out a deeper pullback to 2701.00. A relatively narrow 2701.00-2708.00 range has since contained price action, perhaps paralyzed by anxiousness ahead of this morning’s Eployment Situation report.

If, then… (notes to accompany the Tour recording)
Thursday’s late surge was early enough to have recovered 2701.00 before coming within 3 minutes of the cash session close. Closing above 2701.00 puts into play the next higher objective at 2756.00. Despite the catalyst for its recovery being a headline, 2701.00 doesn’t seem to be at risk of an opening rejection. Nevertheless, a second consecutive confirming close today is vital to maintaining the upside momentum. Otherwise, today could be devoted to only backing-and-filling, without reversing the trend back down, which would have room to 2656.00-2666.00.

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

Posted in members-only, Pre-market Tour, S&P, The First Trade