The First Trade… Lower.

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…
Overnight optimism ahead of Wednesday’s FOMC events left a little on the table for post-open gains. But only a little, and even less for the predictable relief “rally” (more accurately, a blip-up) on the no-change news. But it wasn’t very long after Yellen’s Q&A that a plunge fulfilled the balance of expectations by retesting 2063.50. It was still being tested at the close.

Overnight action’s new info…
Ranging couldn’t withstand the Nikkei plunging, triggering a break under Tuesday’s 2054.75 lows down to 2051.75. That’s where Europe’s opens were greeted, and price has firmed to 2058.00.

If, then…
The only variable to yesterday’s template not met was to probe or attack Tuesday’s lows. Delaying either would only require a probe. Isolating that to the overnight session would require recovering to gap up at Thursday’s open. Meanwhile, the 2043.00 objective remains in-play. And maintaining a gap down under Tuesday’s lows could make the Bearish WedEx become Actively bearish, albeit delayed.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2050.50 would be unlikely to recover the 2053.00 bias-down target through 10:15 and renew the bias-down signal. Exiting the open above 2060.50 would be unlikely to trigger the 2059.00 bias-down signal at 10:15.