The First Trade… Just getting revved up.

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…
Friday’s gap up to 2043.50 held up through the open, and extended up to 2055.50 through the morning’s bias environment. Up was then replaced by down. Trending down to 2044.75 through the afternoon bias environment did not exhibit a bullish WedEX influence. But sellers didn’t gain traction, as price remained in positive territory, and a late bounce retraced 61.8% back to the bias environment’s 2053.25 high.

Overnight action’s new info…
Roller coaster enthusiasts worldwide would love the price action seen so far. Five swings, each wider than the last, from 8 points on the first to 12 points on the fourth, each one testing and holding a bias signal. First, Sunday night’s gap up peaked immediately upon touching Friday afternoon’s 2053.25 bias environment high. Its reaction down touched Friday afternoon’s 2044.75 low. Then came another hill that climbed back to the high at 2053.75. So, back down again, to a fresh low touching Friday’s 2043.50 open. A brief stop to let children exit was followed by the biggest swing of the night — a 30-minute surge to fresh highs at 2056.00, which was quickly retraced to attack Friday’s low down to 2945.00.

If, then…
It had already become too late for WedEX to invert to bearish. Gapping up would be the clearest indication that its influence on this morning’s price action remains intact. Gapping down under Friday’s lows would be likely to recover from testing  Thursday’s 2039.50 “lower prior highs” as support, unless that were broken already by the open.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2040.75 would be likely to trigger the 2043.00 bias-down signal at 10:15. Exiting the open above 2050.50 would be unlikely to trigger bias-down. Exiting the open above 2056.00 would be likely to trigger the 2054.00 bias-up signal.