The First Trade… A broken string.

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)

REMINDER: I am away from the screens today after 2:00 pm ET, and tomorrow after noon.

Through the prior close…
Wednesday’s noon hour test of 2160.00 support produced an obligatory bounce. Like late-Friday’s bounce from testing 2160.00, strong-handed sellers never regained control intraday. Once again, the bounce’s 2170.75-2171.50 target area was fulfilled. Buyers did not gain traction for the effort, but sellers missed the opportunity for breaking support on Wednesday before a three-day holiday. “Unfinished business below” was left outstanding at 2156.50.

Overnight action’s new info…
The consequence of Wednesday’s missed opportunity seems already to be developing. Rallying ahead of Europe’s opens then surged to test 2177.00. Its reaction down touched 2171.50 and has tried bouncing again.

If, then…
Gapping down under Wednesday afternoon’s last relative low of 2163.50 would have started to reject the recovery attempt. Today’s econ calendar is one of the busiest ever, with plenty of influential catalysts. That’s not currently indicated, although formidable at resistance 2177.00 is intact. But having failed to gain traction yesterday afternoon, gapping up above yesterday’s highs is the only credible start to extending higher this morning.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2177.00 would be likely to trigger the 2173.00 bias-up signal at 10:15. Exiting the open under 2170.75 would be unlikely to trigger bias-up.