The First Trade… Like waiting for a shoe to drop.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK <<==click here
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Gapping up 31 points Thursday to 1892.00 was essentially Friday’s midpoint, as the balance of the session fluctuated relatively narrowly up to 1900.00 and back down to 1884.00, then back up again.

Overnight action’s new info…
Friday’s sideways ranging has resumed, albeit narrower. since Sunday night’s blip-up momentarily tested 1904.00. That was reversed into a narrowing range back around 1900.00, which broke lower into and out of Europe’s opens fell to 1887.50. Reacting back up is testing to 1900.00 as resistance has kept the range narrow, but not so much calm as paralyzed by anxiousness.

If, then…
Today’s only econ report has no track record for influencing price action, but ECB head Draghi speaking today should have an impact. Not already gapping down under Friday’s lows at Monday’s open makes the rally likely to extend another 15-20 points higher.

First Trade…
Exiting the open at 9:45 above 1905.00 would be likely to trigger the 1902.00 bias-up signal at 10:15. Exiting the open under 1896.00 would be unlikely to trigger bias-up. Exiting the open under 1886.00 would be likely to trigger the 1892.00 bias-down signal.