The First Trade… New highs.

 But 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…
Tuesday’s horrible narrow choppy range at least remained influenced by ongoing intraday testing of support, further confirming that sellers are weak-handed. Holding 2154.00 bias-down signal created a higher attraction at 2163.00 that would become unfinished business. A late surge extended to 2160.00 through the futures close. It was too late for its sponsorship to gain traction.

Overnight action’s new info…
A pullback 2155.25 bottomed before midnight, and a rally resumed soon after. Europe’s opens were greeted by surging to attack 2163.00. A quick correction soon resumed rallying again, extending so far to 2167.25. That’s within 3 ticks of last week’s Globex high, but already above all prior intraday highs.

If, then…
Not gaining traction yesterday made it necessary to gap up today if this morning intends to rally. Gapping up doesn’t ensure rallying, but it gets a benefit of the doubt until disproved. A pullback has room to test 2161.50 before even threatening not to recover. Last week’s 2168.00 “new Globex trend extreme” still requires intraday retest, and not just to within 3 ticks. Hesitating overnight within 3 ticks does reflect pessimism, which is potentially bullish from a contrarian perspective.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2168.75 would be likely to exceed the 2165.75 bias-up target through 10:15 and renew the bias-up signal. Exiting the open under 2158.00 would be unlikely to trigger the 2160.75 bias-up signal.