The First Trade… Can’t keep it down.

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 gapped up several points to 2179.00, stopping pessimistically short of the overnight high, as did two pre-open bounces. Post-open action immediately dropped, more pessimism, but holding up above its bias-down trigger. Price trended down anyway until the afternoon bias environment’s 2168.00 exit. But even that didn’t gain traction, as probing under “unfinished business below” at 2171.00 was recovered to hold as support through the close

Overnight action’s new info…
A quick pullback at the Globex open touched 2170.00, and then rallied back up to Wednesday’s 2179.00 opening print. Europe’s opens triggered a very quick drop that attacked 2172.00, but that has been retraced already back up to the 2179.00 high.

If, then…
Almost an entire day of selling pressure Wednesday ended without sellers gaining traction, and with an attraction below having been neutralized. That’s not very productive selling. No consequences were delivered intraday, but gapping up to and or through yesterday’s high would suggest they’re coming today. Not already trending down at Thursday’s open makes another high likely, and likely to test the unfinished business above at 2185.50 — which is suddenly much closer than it was at yesterday’s close. Meanwhile, a topping pattern continues to develop, so beware of an opening print that isn’t maintained through the opening 15 minutes of volatility.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2178.50 would be likely tot trigger the 2176.75 bias-up signal at 10:15. Exiting the open under 2173.50 would be unlikely to trigger bias-up.