The First Trade… Delayed gratification is little gratification, at all.

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…
Tuesday’s gap down to 2181.25 erased all of Monday’s gap up from Friday’s 2180.00 close. Immediate follow-through to 2177.00 was recovered back up to 2182.50, setting the tone for ranging choppily around 2180.00 through the noon hour. Only then was the open’s low probed, not by much and not for long, barely testing Friday’s 2175.50 low. Fresh session lows printed at 3 minutes within the cash session close, and “unfinished business below” was left outstanding at the morning’s 2174.25 bias-down target. So, holding short through the close was compelling, but not optimal, since sellers didn’t gain traction.

Overnight action’s new info…
Initially bouncing back to 2180.00, another point was added into Europe’s opens. But that.only triggered a one-hour plunge to fresh lows at 2173.50. Its reaction has so far been resisted by yesterday morning’s 2177.00 low

If, then…
Tuesday morning’s unfinished business below is neutralized. Its intraday test had been likely to include 2172.00. That could be moot if the overnight dip has been isolated by recovering it already at Wednesday’s open. Gapping up above 2181.25-2182.50 could even form a “session-long rally.” Otherwise, testing 2172.00 would likely give way to 2166.00 and 2160.00. This afternoon’s FOMC Minutes should be greeted anxiously as it possibly confirms recently raised odds for hiking interest rates sooner. WedEX may trigger at the close.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2172.00 would be likely to trigger the 2174.25 bias-down signal at 10:15. Exiting the open above 2177.75 would be unlikely to trigger bias-down.