The First Trade… Buckle in.

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…
.Wednesday performed similarly to a session-long rally reaching 2142.50. Each timing window probed the prior timing window’s high, with the only exception being the last window, which fell to 2137.50 through the futures close. WedEX didn’t trigger as session highs only fluctuated around prior highs (i.e. 2138.00-2139.75). “Unfinished business above” was left outstanding at the afternoon’s 2145.50 bias-up target.

Overnight action’s new info…
The Globex open’s blip-down to 2136.25 was reversed immediately to begin recovering all but 2 ticks of Wednesday afternoon’s pullback from 2142.50. A spike up to 2144.50 probed above Wednesday’s high but never extended before being retraced entirely.– and then some, back down to 2138.00 through Europe’s opens. Price has since firmed back up to test 2141.00.

If, then…
Gapping up and/or probing high enough Thursday could serve by proxy to trigger bullish WedEX, depending on its resolution and other minor elements. Maintaining a gap up above Wednesday’s 2142.50 high could trigger an active bullish WedEX. Rejecting an early probe above 2142.50 could trigger a passive bearish WedEX. Gapping down would have to be relatively substantial to be relevant. Regardless of WedEX, there’s still potential for at least an intraday probe higher to fulfill the 2145.50 objective. The ECB policy statement and Mario Draghi press conference are just minutes away…

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2143.00 would be likely to trigger the 2141.50 bias-up signal at 10:15. Exiting the open under 2138.75 would be unlikely to trigger bias-up.