The First Trade… No go.

0-=-092yujkl]\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 noon hour plunge to 2140.75 had tried extending lower during the afternoon bias environment. But the fresh session extreme at 2137.25 was rejected by the bias environment exiting back above its 2149.25 relative high up to 2153.50. Although this short-squeeze setup often produces a last-hour surge, this time it didn’t. The decline didn’t resume, as dipping back down to 2153.00 — a 61.8% retracement back down to the low — ranged choppily through the final hour. Oversold RSIs were left outstanding at the low.

Overnight action’s new info…
Gradually gravitating back down toward yesterday’s lows was then pushed to fresh lows at 2135.75 as Europe’s opens had their first chance to sympathize with yesterday’s noon hour plunge. Gradually working back up into the overnight range has extended back to unchanged, briefly probing higher to 2149.50.

If, then…
Retesting yesterday afternoon’s oversold RSIs overnight suffices to neutralize their attraction. Now greeting Friday’s open in positive territory can still fulfill yesterday afternoon’s short-squeeze setup, after all. Almost no post-open probe back under yesterday’s low can be tolerated if the morning intends to rally. Also, this being a Friday, the morning’s bias tends to persist through the noon hour. Persistent, and aggressive in whichever direction, especially greeting the week’s last session with a big drop back to relevant support that has already been productive once.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2138.00 would be likely to trigger the 2140.50 bias-down signal at 10:15. Exiting the open above 2143.50 would be unlikely to trigger bias-down.