The First Trade… That which doesn’t kill it…?

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 afternoon’s action was essentially the inverse of the morning’s attempt to break lower from the two-day range. Recovering and reversing probe under the range which had been triggered by the Brussels terrorists attacks, had extended through the range’s upper-end. But that was retraced and extended back into the range. The afternoon’s high had fulfilled an objective created by the morning’s dip, and the closing dip had fulfilled an objective created by the afternoon’s recovery. No traction was gained and no unfinished business was left outstanding.

Overnight action’s new info…
Actually, the late dip had only essentially fulfilled its objective to within 2 ticks — and its minimum objective, at that. Never mind, the actual 2037.75 objective was touched at the overnight low. But like the intraday recovery to fresh highs, new buyers haven’t been attracted, as price action ranges sideways.

If, then…
That which doesn’t kill the market, puts it on life support? The market is at risk of a downturn for a host of reasons, many of which I elaborated on yesterday here.  One of those reasons is on display overnight in the inability to attract buyers. Sellers have yet to exploit their opposition’s weakness, and in their own hesitation is essentially the only bullish argument — nature abhors a vacuum, and if sellers aren’t attracted to the situation soon, then buyers will be sucked into producing another upside surge.

First Trade…
Exiting the open at 9:45 above 2048.25 would be likely to trigger the 2045.50 bias-up signal at 10:15. Exiting the open under 2037.75 would be unlikely to trigger bias-up.