The First Trade… Paralyzed by anxiousness.

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…
Wednesday’s rally was literally awesome. Its 2210.25 buy signal was likely to reach the 2220.00 objective put into play two weeks prior by closing above 2192.00. It was met coming out of the noon hour, but the rally hardly skipped a beat. The afternoon’s bias-up signal was renewed, and extended even higher to 2241.25. Yet, no traction was gained for the effort, despite the 3:10-3:20 proxy window temporarily probing fresh highs.

Overnight action’s new info…
Never seeming concerned with the next day’s ECB events, Wednesday’s rally left nothing on the table for Globex. Two late afternoon tests of 2240.00 each had reacted down to 2236.00. The second reaction extended only slightly lower into the Globex open to pierce 2235.00. Firming up to 2240.00 has reacted back down to 2235.00. Price is fluctuating around unchanged as this morning’s ECB policy decision nears.

If, then…
Closing above 2220.00 puts into play higher objectives, if the close above 2220.00 can be maintained for a second consecutive session today. The next higher objective at 2244.75 was attacked already so closely, that its room for noise up to 2252.50 would be as likely to be met. Closing back under 2220.00 Thursday would negate the higher objective, and open the door to an almost equally steep reversal down into next week — no matter how deeply price had reversed already Thursday.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2241.25 would be likely to trigger the 2240.00 bias-up signal at 10:15. Exiting the open under 2238.00 would be unlikely to trigger bias-up. Exiting the open under 2231.00 would be likely to trigger the 2232.25 bias-down signal.