The First Trade… Not going gently.

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 morning’s 10-point rally to 2118.00 was doomed to failure for having originated after Monday’s rally gained no traction for its efforts. The second consecutive close at or under 2110.75 prevented putting into play higher objectives than 2116.00-2119.00, which held its test. The overnight “new Globex trend extreme” and morning’s bias-up target also held their tests.

Overnight action’s new info…
Tuesday afternoon’s reaction down extended until probing more than 1 point back under Monday’s 2108.00 close, touching what is this morning’s 2106.50 bias-down signal. Firming since then has recovered to attack 2114.00.

If, then…
All outstanding objectives are met, buying pressure is being satisfied as quickly as its targets are triggered, and no higher targets are being put into play. But sellers haven’t yet retaken control, perhaps the one thing the rally has left going for it. Still, reasserting itself too early would create the same trap as yesterday, since the rally once again failed to gain traction for its efforts.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2111.50 would be unlikely to trigger the 2114.75 bias-up signal at 10:15. Exiting the open above 2116.00 would be likely to trigger bias-up.