The First Trade… A gift-shopping morning?

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Wednesday’s gap up to its 2043.00 bias-up target wasn’t being rejected, so the morning rallied as reward for Tuesday afternoon’s buyers having gained traction up to 2035.00. And then it kept rallying. The next likely objective of 2053.00 was met during the noon hour, and the potential to 2058.00-2060.00 was attacked to within 1 tick while the bias environment was lapsing. A late reaction down targeting 2051.25 stopped 1 tick short. Buyers gained traction for their efforts again, and left outstanding overbought RSIs.

Overnight action’s new info…
Sellers stopped short on the drop into Wednesday’s close. They’ve been thrown another bone overnight, but didn’t hold on to it, either. Globex had initially bounced up to 2056.50, and then sank to touch what is this morning’s 2049.00 bias-down signal. Now that has been recovered to test 2054.00, unchanged from yesterday’s futures close.

If, then…
Today’s session closes early. Trending is never more difficult except for Saturdays and Sundays. And that’s without even indicating a gap. A dry cleaners gift-shopping morning? Fading the extremes may be easier than trying to position at the range’s midpoint. Somehow gapping under yesterday afternoon’s 2048.00 low could form a session-long decline, or just the opposite if the gap down were not maintained or extended through the open. Yesterday’s traction suggests a reward due by probing fresh highs this morning, but not necessarily effortlessly like yesterday — and not necessarily durable.

First Trade…
Exiting the open at 9:45 under 2048.00 would be likely to trigger the 2049.00 bias-down signal at 10:15. Exiting the open above 2053.00 would be unlikely to trigger bias-down.