The First Trade… Not a beat skipped.

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…
The bullish WedEX dictated that Monday’s 10-point gap down to 2067.00 would recover. It recovered, and then some, eventually extending 15 points into positive territory at 2088.75 and 7 points above last week’s 2081.75 high. Buyers gained no traction for their efforts.

Overnight action’s new info…
A momentary dip to 2084.75 at the Globex open was recovered to  fresh highs testing 2090.00. Its pullback was already resolving up before Europe’s opens, when the rally steepened and eventually extended up to 2098.50. A dip just attacked 2095.00.

If, then…
Having failed to gain traction Monday, gapping up Tuesday is the rally’s only credible path to extending higher without interruption. Not quickly extending the gap up would be vulnerable to reversing back down for the morning, but not necessarily back into negative territory… The rally’s last piece of “unfinished business above” is to retest last year’s last relative highs, now within view at 2110.00. Noise below it begins at 2097.00, which is being attacked overnight. Gapping up to it must extend through it without delay to avoid a corrective dip.

First Trade…
Exiting the open at 9:45 above 2097.00 would be likely also to exceed the 2093.75 bias-up target at 10:15 to renew the bias-up signal. Exiting the open under 2090.50 would be unlikely to exceed the bias-up target through 10:15.