The First Trade… Hurrying to a high.

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 2152.25 pre-open high wasn’t a “new Globex trend extreme” requiring retest intraday, making it more easily reversed post-open down to the 2139.50 morning low. The balance of the session recovered choppily and gradually to attack 2148.00, ending essentially unchanged around 2145.00. No traction was gained, but there was a second consecutive close above 2143.00 and bullish WedEX triggered.

Overnight action’s new info…
A shallow dip was supported for awhile by 2143.00 before firming back up to Wednesday’s 2148.00 post-open highs. A surge attacking 2158.00 into Europe’s opens was extended up to 2162.00 out of Europe’s opens. And a consolidation there broke higher to touch 2168.00. JPM earnings triggered a reversal down that has extended to 12 points as BOE keeps rates unchanged, touching 1256.00 where Europe opened.

If, then…
The second consecutive close above 2143.00 created higher objectives at 2158.00 and potentially also 2168.00. The latter was the overnight high, and it is reacting down already 14 points. But complexity during the rally to 2168.00 makes it a “new Globex trend extreme” that requires being retested intraday, often the same day. Maintaining a gap up above Wednesday’s 2149.00 highs is the only credible path to resuming the rally without delay, or at least to ensure that a post-open dip would be recovered. As does the bullish WedEX. A post-open pullback might take advantage of having three upside influences helping to ensure that a dip would be recovered.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2158.00 would be likely also to exceed the 2154.75 bias-up target at 10:15 to renew the bias-up signal.