The First Trade… Bouncing, while it can.

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

CHARTROOM LINK <<==click here
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Friday’s expiration session had gapped down and tried recovering, but was resisted by 1881.00. Extending back down into the noon hour tested 1850.00 as support. The balance of the session rallied back up to the morning’s highs.

Overnight action’s new info…
Sunday night’s gap down and slide to 1860.00 was recovered into Monday morning, probing Friday’s highs up to 1890.00. Monday night’s dip back down to 1868.00 was recovered back up to and through Monday’s highs , most recently touching 1907.50.

If, then…
Just recovering 1881.00-1885.00 and 1892.00 would have suggested a corrective rally was underway. But already trending well above those levels only raises the standard. Filling the gap back up to Thursday’s ~1914.00 close should maintain its probe above 1912.00 “higher prior lows” to extend higher. Otherwise, post-open action would have plenty of room to trend back down through the morning — potentially back to 1881.00-1885.00.

First Trade…
Exiting the open at 9:45 back under 1899.25.00 would be likely to spend the morning backing-and-filling to as low as 1881.00-1885.00. Exiting the open above 1916.00 could double he overnight rally, adding 25 or 40 points more.