The First Trade… Pivot point.

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 front-month rolled forward to Dec at Thursday’s open, and it got a lukewarm greeting. Gapping down almost 5 points from Wednesday’s 2179.00 cash session close remained in negative territory throughout the day. The morning probed under the prior session’s low, triggering bias-down. So much for the luke. The balance of the session warmed enough to restrain its pessimism and to avoid trending down. But there was no recovery, and the morning’s 2167.25 bias-down target was left outstanding.

Overnight action’s new info…
Ranging narrower than 2 points hovered just above Thursday’s ~2170.00 lows, until Europe’s opens approached. The range’s break extended down to test and retest 2167.25. Ranging back up to 2169.50 has resolved down to lower lows testing 2165.00..

If, then…
The overnight drop has neutralized the only “unfinished business” left outstanding from Thursday, at 2167.25. Thursday’s “ineffectual pessimism” just got pretty effectual. Potential for isolating the selling to overnight was limited since Wednesday morning’s Pivot Reversal setup had created a bearish context likely to persist into this morning. No traction was gained by Thursday’s drop, so trending Friday morning must begin by gapping under Thursday’s lows. And this being a Friday, the morning’s bias is likely to persist through the noon hour. Any bullish potential depends on rallying through the open.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2170.75 would suggest the 2167.25 bias-down signal will not trigger at 10:15. Exiting the open under 2164.25 would be likely to trigger bias-down.