The First Trade & Pre-open Tour Recording… Stumbling out of the weekend.
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…
Already firming into Thursday’s close and overnight, Friday’s Employment Situation report was approached optimistically. Its knee-jerk reaction was a 7-1/2 point spike up to 2893.50 that was retraced entirely through the open. The open recovered to a fresh high at 2896.50. The balance of the session ranged narrowly sideways, firming to 2898.00 through the close. The next higher objective at 2902.00 was put in-play officially, and another new trend high close became a requirement for having closed at a trend high on Friday.
Overnight action’s new info…
Having no new guidance from the weekend, overnight action is recalling that Friday lacked upside momentum. But not before probing higher with enough complexity to form a “new Globex trend extreme.” Initially firming from its 2896.00 open, Sunday night soon blipped-up to 2899.50. And then back down 10 points to 2889.50 by midnight. So, that’s a probe above the prior session’s high, reversed back under the 2896.00 earlier Globex low. And through it down to 2889.00. Firming again into Europe’s opens has only now tried extending to test 2894.00.
If, then… (notes to accompany the Tour recording)
Initial overnight strength stopped short of its next higher objective at 2902.00. That’s a calculable objective, but just probing above the prior session’s high can fulfill structural upside pressures. And reversing back under the earlier Globex low could form a bearish “Globex-flip.” The setup requires maintaining the reversal through the open, along with any test of support. Its reward would trend down for at least the morning (also through tomorrow morning if not reversed this afternoon). All of which could develop while leaving two structural setups outstanding. There was already Friday’s new trend high close requiring at least another eventually. Now there’s also the new Globex trend extreme requiring intraday retest. Either could rescue a pullback at some point. The question is whether the rescue prevents or ends a post-open pullback. The answer would come already by preventing, or not, a gap down under the earlier Globex low.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2888.75 would be likely to trigger the 2890.75 bias-down signal at 10:15. Exiting the open above 2893.50 would be unlikely to trigger bias-down.