S&P
Post-open review… Keeping optimism in-check.
Opening surge underscores a bullish WedEX.
The pre-market Tour”s setups didn”t entertain a sell signal. Even the only buy signal was required to be aggressive. Generally, staying away from 2115.00 and getting away from it aggressively would be appropriate for rallying out of the overnight dip.
Rallying out of the overnight dip is important for the bullish WedEX influence to remain credible. So, firming to 2116.00 steepened into the open, trending back to Sunday night”s 2120.75 high.
Its reaction down was likely to recover so long as 2116.75 held. It was attacked to within 1 tick, and now 2120.75 is being attacked to within 1 tick, too.
All of which is developing at or under unchanged. And this is a no-bias environment. With optimism still restrained, sell signals might not be contemplated this morning, at all. Not from above 2116.75, or without already probing egregiously above the 2123.25 bias-up signal.
Pre-open action around 2115 couldn”t
Pre-open action around 2115 couldn”t be interpreted as holding its support, necessarily. But it wasn”t yet breaking lower. Trending up from it through the open — aggressively, preferably without even attacking 2115 — would make the bullish WedEX bias that much more credible for extending through Friday”s 2122.75 pre-open high. Delaying any bullish behavior could render WedEX moot… We discussed details in the pre-market Tour:
https://roddavid10.mitel-nhwc.com/join/jrtjmxc
The First Trade… Pessimism is alive and, well, it’s alive.
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…
Friday”s 2122.75 pre-open high during Globex was not complex, so it was not a “new Globex trend extreme” that required intraday retest. Sellers tried to exploit it, but the morning”s reaction down to 2113.00 held repeated tests of Thursday afternoon”s 2115.00 prior low. The bullish WedEX presumably became operational as the afternoon rallied back up to 2119.50.
Overnight action”s new info…
Sunday night”s open blipped-up to touch 2120.75 before reversing back down to attack 2115.00. Europe”s opens were accompanied by a dive to 2112.25. Despite recovering back to 2120.00, renewed weakness is attacking the low.
If, then…
Regardless of the opening print, the bullish WedEX makes Monday morning”s bias vulnerable to trending up. It was a late signal, and its influence Friday afternoon is only assumed, so its continued credibility depends upon exiting the open appropriately. Regardless of this morning”s resolution, sellers are still considered the weaker hands, since each lower high reflects pessimism that isn”t gaining traction.
First Trade…
Exiting the open at 9:45 under 2115.00 would be likely at least to test the 2111.75 bias-down signal. Exiting the open above 2119.75 would be likely at least to test the 2123.25 bias-up signal. No preliminary level is currently identifiable that would be any likelier to trigger either signal
Today”s chaRTroom links are below.
Today”s chaRTroom links are below. Enter any time, but be sure to join us there for this morning”s pre-market Tour at 8:55am ET:
XP-Friendly: https://www.anymeeting.com/483-626-282
non-XP ilinc: https://roddavid10.mitel-nhwc.com/join/bfyytsh
Friday afternoon”s “rally” had firmed
Friday afternoon”s “rally” had firmed after the close, and has blipped-up to 2120.75 at Sunday night”s open. Its reaction down is consolidating around 2118.00. You can check-in during Globex at the following links:
XP-Friendly: https://www.anymeeting.com/716-409-020
non-XP ilinc: https://roddavid10.mitel-nhwc.com/join/bfyytsh