The First Trade… Getting on with 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…
Monday pre-open bounce above Friday’s 2161.00-2162.000 highs up to 2169.50 didn’t even attack Sunday night’s 2174.50 highs. A brief post-open rally effort stopped even shorter. The balance of Monday’s session was spent backing-and-filling back under Friday’s highs. Rallying off of the noon hour’s 2152.50 low extended up to 2164.00, and was poised to rally through the final hour, but a Presidential press conference paralyzed buyers through the close.

Overnight action’s new info…
Monday afternoon’s recovery resumed with little delay, probing above 2164.00 before midnight. Extending higher through Europe’s opens eventually attacked 2170.00. Too much, too soon? The past couple of hours have been sliding, momentarily attacking 2162.00.

If, then…
Retracing the late dip from 2164.00 was not assured, but it would target a retest of Monday morning’s high up to 2169.00. That was done overnight. So, is the reaction down just a temporary correction, or will last night’s rally be ignored intraday like last Wednesday night and Sunday night’s rallies? The dip is probably only temporary, so long as Friday’s 2161.00-2162.000 highs hold as support. A rally shouldn’t even test Monday afternoon’s 2164.00 high post-open, and preferably gap up to and/or through 2169.00. That would again position the market for retesting the 2180.00 area, and possibly higher. By the same token, opening under Friday’s 2161.00-2162.000 highs would be likely to probe under Friday and Monday’s lows, targeting 2141.00 for starters.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2161.00 would be unlikely to trigger the 2166.25 bias-up signal at 10:15. Exiting the open above 2169.00 would be likely to trigger bias-up.