The First Trade… Size doesn’t matter (as much as this).

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Thursday’s open under 1918.00 had put into play 1899.00. Meeting it, and gapping down, reflected a lot of pessimism. Isolating that sentiment to a single timing window prevented new sponsorship so we could anticipate a bottom. Recovering through the afternoon well above the morning’s highs attacked 1927.00. And buyers gained traction for their effort to suggest more upside.

Overnight action’s new info…
Initially blipping down to 1913.00 was recovered as quickly to attack 1928.00. Sideways ranging finally started breaking higher after midnight. A brief consolidation up to 1941.00 is now being tested as support, following an interim spike up to 1951.00.

If, then…
One obvious question this morning is whether the bullish scenario is fulfilled already. Rallying 54 points in 18 hours doesn’t confirm the 1899.00 objective’s significance, any more than the decline’s big bounces off of its 1938.00 and 1918.00 objectives. Much more revealing than its size is that last night’s bounce is probing above prior sessions’ highs, something which the prior bounces did not. One other obvious question is whether the overnight 25-30 point rally already has rewarded yesterday afternoon’s buyers for gaining traction. This being a Friday, that answer could define much of the day’s direction.

First Trade…
Exiting the open at 9:45 above 1938.00 would be likely also to exceed this morning’s 1936.25 bias-up target at 10:15 to renew the bias-up signal.