The First Trade… The plot thins.

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’s open was greeted by an overnight rally up to its 2267.50 bias-up target. Gapping up and extending higher immediately post-open quickly peaked at 2269.50 as sponsorship disappeared. The balance of the session chopped widely, flat-to-lower, in search of new sponsorship. A late dip from 2267.50 to 2262.25 was retraced entirely into the close, leaving “unfinished business below” at its oversold RSIs.

Overnight action’s new info…
But for initially piercing 2267.50 by a single tick, overnight action has probed no higher than Tuesday’s late bounce while ranging narrowly down to 2265.50. That late bounce had retraced back to the origin of a late dip, so the dip was free to repeat, but it did not. At least, not yet. The narrow ranging had been probed momentarily down to 2264.25, which is now being retested.

If, then…
Gapping up today above yesterday’s 2269.50 high could prevent a deeper, by resuming the rally targeting new highs above 2273.00. A deeper dip could also be prevented by.. not dipping, Alternatively, dipping under Tuesday’s 2262.25 low would have a brief opportunity to snap back up from as low as 2260.50. Regardless, this being Wednesday morning ahead of a three-day holiday weekend, inserting a deeper pullback prior to probing new highs should be underway by the open.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2266.00 would be unlikely to trigger the 2268.50 bias-up signal at 10:15. Exiting the open under 2262.00 would be likely to trigger the 2263.00 bias-down signal.