The First Trade & Pre-open Tour Recording… Trouble ahead, trouble behind.
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 night’s 2913.25 overnight low had recovered to greet Thursday’s open at 2924.00. Its test held “higher prior lows” and didn’t attract reinforcements. The open slid back under 2919.00 that had been critical to hold into last weekend. Its break confirmed downside projections of 2901.00 and 2896.00 without any particular timing requirement. Both were met by noon, and the afternoon’s 2888.00 renewed bias-down target was met at the bias environment’s exit. The balance of the session bounced through the close up to 2906.00-2908.00, at two-week old higher prior lows.
Overnight action’s new info…
Thursday’s late bounce extended initially to 2915.50, but had fallen back down to Thursday’s 2906.00-2908.00 close. Ranging into Europe’s opens suddenly collapsed back down to 2901.00, which has now reacted back up to 2906.00-2908.00 ahead of this morning’s Employment Report.
If, then… (notes to accompany the Tour recording)
Closing back above the relevant levels of 2901.00, 2894.00 and 2888.00 suggests the selling pressure targeting them was fulfilled. Selling pressure this morning would be the product of new sponsorship. It would be vulnerable to being trapped on a 2-3 point retest of Thursday’s 2888.00 low. Not holding its test would next target 2879.00 for probably the last near-term or nearby chance to avoid a much more substantial decline. An initially favorable knee-jerk reaction to the pre-open Employment Situation report could reach higher prior lows at 2928.00-2929.50, where timing would determine whether Friday Factors still allow another downdraft, or else trigger the short-squeeze that Thursday afternoon’s bounce tried to be.
First Trade…
[Click here to view the Bias parameters] No preliminary indications are considered ahead of the Employment Situation report.