The First Trade… Hanging on.

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…
Thursday fulfilled the last likely upside attraction, and it wasn’t even “unfinished business above.” A test of 2185.00-2186.00 was only likely to be visited while retesting 2180.00. The prior afternoon had gained traction to make Thursday morning likely to trend up. Thursday afternoon didn’t gain any new traction. Nor was the close under 2180.00 which would have been the earliest signal of upside momentum lapsing.

Overnight action’s new info…
Choppily ranging within Thursday afternoon’s 2180.50-2185.50 range suddenly started trending down from 2184.25 at Europe’s opens. It quickly extended down to 2176.25. Its reaction eked higher to retrace all but 3 ticks of the slide back up to 2183.50 .

If, then…
2185.00-2186.00 can be retested without probing higher, but there is room for noise up to 2192.00. Reacting down from either remains likely, but not required. Friday afternoon is likely to behave bearishly due to the WedEX signal, but that doesn’t prevent probing higher Friday morning. A pre-Thanksgiving drop should begin soon today or Monday, or else the most bearish template would be a trading range through the holiday.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2184.00 would be unlikely to trigger the 2186.25 bias-up signal at 10:15. Exiting the open above 2188.00 would be likely to trigger bias-up. Exiting the open at 9:45 under 2177.75 would be likely to trigger the 2179.25 bias-down signal at 10:15.