The First Trade… It goes down, too.

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…
Despite Thursday’s rally attacking 2089.75, Friday morning’s surge attacking 2101.00 wasn’t destined to extend relentlessly intraday — regardless of the bullish implications to recovering 2089.75, and despite the prior three intradays pattern. Friday Factors.make afternoon trending less likely. But while they inhibited extending higher, Friday Factors also prevented the intraday pullback from actually reversing the trend back down into the weekend.

Overnight action’s new info…
Sunday night’s holiday price action first probed above last week’s highs to attack 2105.00. That was retraced to attack 2095.00.Monday night’s Globex action never really restarted Sunday night’s rally effort. Soon a different direction emerged — sliding to 2090.00 was consolidated shallowly, and then resolved down to 2082.00..

If, then…
2082.00 hasn’t printed since Thursday’s noon hour. Tuesday’s post-open action is vulnerable to extending the overnight slide. In fact, we discussed the potential for correcting down immediately, which could next target 2076.00 or 2071.00. None of which changes whether 2089.75 was recovered, and whether that recovery requires probing fresh highs up to 2125.25.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2082.50 would be likely also not to recover the 2085.00 bias-down target through 10:15, which would renew the bias-down signal. Exiting the open above 2093.75 would be unlikely to trigger the 2090.00 bias-down signal at 10:15.