The First Trade… Actively bullish, indeed.

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

CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Friday’s shallow gap down consolidated the overnight dip through the bias timing window down to 1898.50. Tests of both bias-down parameters held through 10:15, although the bias-down signal was recovered late at 10:30. Anyway, the morning firmed up to 1916.00, and the balance of the session ranged sideways.

Overnight action’s new info…
Gapping down several points Sunday night attacked Friday afternoon’s 1908.00 low. That was soon recovered on the way to higher and higher highs throughout the night. Most recently attacking 1938.75 has reacted down to 1932.50.

If, then…
The overnight rally does not directly fulfill the actively bullish WedEX, but it does help to confirm the market’s upside vulnerability that was originally signaled Wednesday. However, having rallied aggressively per the signal’s remaining influence, a post-open recovery from reacting down would fulfill the signal. As would extending the rally throughout the morning. Regardless, no compelling sell signal is likely until the bias environment comes within view of lapsing.

First Trade…
Exiting the open at 9:45 under 1929.25-1930.25 would be likely to extend back down to the 1923.00 bias-up signal as support. Exiting the open above 1932.00-1932.50 would maintain the upward momentum.