The First Trade… Hanging on for dear life.

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…
Wednesday’s intraday pattern matched the overnight action by recovering from a plunge. The overnight reversal had come from testing 1886.00 to attack 1911.00. Intraday action bettered that after plunging to 1865.00 and recovering up to 1912.00. And the afternoon buyers gained traction for their effort, despite leaving oversold RSIs outstanding at the low.

Overnight action’s new info…
After recovering Wednesday’s last-minute closing dip, China’s strength triggered a surge to fresh highs testing 1922.00. Hovering there ahead of Europe’s opens was reversed down to 1908.75 — natural support shared by yesterday’s open and close. Now a bounce to 1919.50 has been retraced entirely.

If, then…
I had mentioned at the start of yesterday’s late rally that upside potential begins at 1924.00. Higher highs overnight attacked that to within 2 points. That’s a little too short of the next objective to qualify as reward for the traction gained by yesterday afternoon’s buyers. Probing higher highs this morning remains likely so long as its reaction down holds the support of “lower prior highs.” And that’s being challenged now. But there’s still room to the bias-down signal before suggesting the decline was resuming.

First Trade…
Exiting the open at 9:45 under 1902.50 would be unlikely to trigger the 1908.00 bias-up signal at 10:15. Exiting the open above 1914.50 would be likely to hold above the 1913.00 bias-up target through 10:15 to renew the bias-up signal.