The First Trade & Pre-open Tour Recording… Pessimism into the numbers.

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 first half-hour ranged around unchanged at 2999.00-2889.00. But the attraction to retest Wednesday’s oversold RSIs at its 2877.25 low pulled price down to 2869.00 before the bias window lapsed. A bounce held a test of 2877.25 before retesting the low by another point down to 2868.00 as the after noon bias window opened. Rallying back up to 2884.50 failed to close higher, testing 2880.25 as support through the close .

Overnight action’s new info…
Not much has developed overnight as the market waits for this morning’s Employment Situatiopn report. Globex initially attacked 2871.00 as support through Asia’s opens, and then eventually tested 2881.00 as resistance into Europe’s opens. Reacting back down has attacked 2872.00 as support, with the payrolls report just 90 minutes away.

If, then… (notes to accompany the Tour recording)
Recovering 2880.25 and 2884.50 Thursday would have sealed a bottom and greeted this morning’s Employment Situation report from a position of strength. Perhaps that was prevented by pessimism ahead of the report, which is potentially bullish from a contrarian perspective. Absent that, gapping up sufficiently — like, above Thursday morning’s 2893.00 high — could serve by proxy for buyers to gain traction and rally sharply higher through the morning, initially attracted to Wednesday afternoon’s 2895.50 bias objective that is “unfinished business” above. Otherwise, the next lower objective is 2857.00.

First Trade…
[Click here to view the Bias parameters] Preliminary indications aren’t considered ahead of Employment Situation reports.