The First Trade… Holding pattern.

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 session was significant, fulfilling several items of “unfinished business above” at 2163.00, 2163.75, and 2168.00. The overnight rally had neutralized the first two. A post-open dip to 2158.50 preceded recovering to neutralize the last objective. It was tested up to 2169.75, which was touched several times. The afternoon’s sideways action down to 2166.50 gained no traction.

Overnight action’s new info…
Wednesday afternoon’s sideways ranging persisted through Europe’s opens, which barely pierced Wednesday’s high. A dip has tested and retested 2163.00. A bounce is now testing Wednesday afternoon’s 2166.50 lower-end as resistance, with the ECB policy statement just minutes away.

If, then…
A pullback had room down to 2163.00 before suggesting a bigger detour is underway. So, holding the overnight low is important to this morning’s price action. Wednesday’s 2169.75 high can still be probed up to 2171.25 and 2175.50, which is likely so long as bias-down doesn’t trigger. Regardless, today’s close may or may not confirm Wednesday’s breakout, which could create a very predictable intraday pattern Friday..

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2172.50 would be likely to trigger the 2171.25 bias-up signal at 10:15. Exiting the open under 2166.00 would be unlikely to trigger bias-up. Exiting the open under 2163.00 would be likely to trigger the 2164.25 bias-down signal.