The First Trade… An anxious calm.

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…
Tuesday’s gap up to 2200.00 was 3 points under the overnight “new Globex trend extreme.” That spread widened despite triggering bias-up, as the balance of the morning slid back down to Monday afternoon’s 2192.00 lows. But the balance of the session trended back up to and through the opening range until the final minutes fulfilled the morning’s 2202.50 bias-up target.

Overnight action’s new info…
Choppy but narrow ranging eventually pierced a fresh high at 2203.50, then reacted down to 2197.75. The 5-point slide is now trying to bounce back into the range.

If, then…
Probing overnight above Monday night’s 2203.00 high doesn’t qualify as retesting it intraday, so its attraction remains outstanding. Also outstanding is the 2220.00 objective, which was put into play by closing above 2192.00 Monday. Meanwhile, Tuesday afternoon’s recovery gained traction, and the session confirmed Monday’s breakout. None of which prevents a reaction down Wednesday, despite the likely and least likely windows all having passed as Thanksgiving’s seasonal bullishness arrives. Wednesday’s econ calendar has plenty of catalysts, from the morning’s high-profile and/or reliably influential reports, through the afternoon’s FOMC Minutes.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2201.75 would be unlikely to trigger the 2204.25 bias-up signal at 10:15. Exiting the open above 2205.50 would be likely to trigger bias-up.