The First Trade… Nipping at yesterday’s highs.

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…
Thursday’s weaker open wasn’t absorbed immediately, requiring a 7-point post-open dip to 2012.00 before proving sellers were losing control. The market caught on to that fact quickly, trending up relentlessly through the afternoon’s bias environment exit to attack 2037.00. Backing-and-filling down to 2031.00-2031.00 left outstanding overbought RSIs remained at the high, and buyers gained no traction for the effort. But Wednesday’s breakout was confirmed.

Overnight action’s new info…
Thursday’s late backing-and-filling was retracing the afternoon’s no-bias trending that had originated from 2027.00 and 2028.50. Ranging choppily down finally touched 2027.00 after firming to 2034.00 through Europe’s opens. The lower low has been more productive, reacting already back to yesterday’s 2036.75 high, neutralizing its attraction above.

If, then…
Extending the rally this morning is unlikely without gapping up. Having the same limitation barely slowed Thursday’s rally and didn’t prevent it retaining the day’s gains. Trading flat-to-lower this morning wouldn’t prevent the afternoon from being influenced by the bullish WedEX, which only signals an upward bias. Triggering bias-down would threaten to invert WedEX to bearish if its target became “unfinished business.”

First Trade…
Exiting the open at 9:45 above 2028.50 would be unlikely to trigger the 2027.00bias-down signal at 10:15. Exiting the open above 2036.75 would be likely to trigger the 2034.50 bias-up signal.