The First Trade… Detour done.

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…
Once again, gapping down to new relative lows, and trending down sharply intraday to 1821.75, were somewhat rescued by an afternoon surge back through the open’s highs. Monday afternoon’s rally started too late to be the product of strong hands, and negative territory was maintained, but overbought RSIs were left outstanding at the 1855.00 high.

Overnight action’s new info…
Monday’s closing dip to 1844.00 was retraced almost entirely into the futures close. Then it was extended much deeper overnight to 1832.00. Surging into and out of Europe’s open’s attacked Monday’s late 1855.00 high, and later probed it up to this morning’s 1856.50 bias-up signal.. Both reacted down to test 1840.00, currently down to 1837.50.

If, then…
Buyers didn’t gain traction for yesterday afternoon’s late rally, so extending higher this morning all but requires gapping up. The complete recovery overnight reflects an ability to extend higher, so probing higher without gapping up is possible — especially if opening above 1846.00 — albeit doomed to later reversal. Trending down through the open would target a retest of yesterday’s lows, and possibly resume the decline.

First Trade…
Exiting the open at 9:45 1854.00 would be likely to trigger the 1850.75 bias-up signal at 10:15. Exiting the open under 1846.00 would be unlikely to trigger bias-up. Exiting the open under 1836.75 would be likely to trigger the 1840.00 bias-down signal at 10:15.