The First Trade… Back to business.

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 gap up from 2166.00 quickly extended to probe Monday’s 2182.00 prior high by almost 2 points. Reversing back down 12 points through the noon hour still remained more than 5 points into positive territory. The balance of the session was influenced by the lack of influence, being a Friday afternoon, and price drifted back up to 2179.00 into the close.

Overnight action’s new info…
Sunday night’s open resumed Friday afternoon’s upward drift back up to 2182.00. That held through the night, before reacting down to 2175.00 during the Labor Day holiday morning. Monday night;s action has drifted back up to test 2182.25.

If, then…
Last week crossed its hump without breaking under prior lows, despite a couple of attempts. Now the holiday is being exited without yet converting the tests of support into a break above resistance. An early rally attempt would be more credible for extending higher than would a delayed attempt, but an early rally attempt would still be vulnerable to failure. Retracing Friday’s gap up could occur on any timetable.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2183.50 would be likely to trigger the 2182.00 bias-up signal at 10:15. Exiting the open under 2180.50 would be unlikely to trigger bias-up.