The First Trade… Calm before another storm?

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…
After rallying throughout the morning from 2169.00 at Monday’s open, the afternoon was contained by its 2182.00 bias-up signal. Not actually probing it — not stretching the rubber band tightly — avoided a steep reaction back down. But there was a modest reaction which eventually extended down to 2178.25. No traction was gained

Overnight action’s new info…
The downward slope of last night’s shallow 4-point range differs from the prior two narrow overnight sessions that had ranged sideways. Not that much downside was covered after firming to attack 2181.00. Extending yesterday’s late-afternoon slide has tested 2177.00 as support.

If, then…
Resuming Monday morning’s rally requires gapping up Tuesday above Monday’s 2182.00 high. That’s not currently indicated, nor is it being attempted, but it’s not too far away. And the two prior narrow overnight ranges began trending immediately at the open. Extending Monday’s late afternoon reaction down would not be required to probe under Monday’s intraday range. But their retest would be likely to break lower.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2177.00 would be unlikely to trigger this morning’s 2174.25 bias-down signal at 10:15. Exiting the open under 2171.50 would be likely to trigger bias-down.