The First Trade… Already there.

fProper 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…
Firming out of the weekend made it clear there was no excuse to further delay not only probing fresh highs, but trending higher. The morning’s 9-point surge to 2109.00 Completely retracing it in reaction to Yellen’s comments was nevertheless recovered by a 13-point surge testing 2112.00. Fulfilling the morning’s “unfinished business above” let the last 60-90 minutes drift back to 2107.25 into the close.

Overnight action’s new info…
The late-afternoon pullback limit of 2107.25 had held its touch pre-close, allowing a deeper dip overnight that could avoid gaining traction. But only 1 point lower was probed before firming back toward Monday’s highs. Europe’s opens triggered a surge to fresh highs that extended to touch 2116.00. Its reaction down has touched 2113.00.

If, then…
The lower-end of the rally’s next higher objective at 2116.00-2119.00 was touched. It wasn’t put into play by closing above its last objective, so it is more vulnerable to rejection upon being tested intraday. Especially early, if its test reverses back under yesterday’s ~2112.00 high through the open, which could put sellers in control of the morning. Otherwise, maintaining a gap up would keep alive the entirety of the 2116.00-2119.00 objective, and potentially 2125.25.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2113.00 would be likelier to trigger the 2111.50 bias-up signal at 10:15, and under 2109.00 would be less likely.