The First Trade… Post-Christmas markdown.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Christmas Eve’s early close spent the morning ranging choppily sideways under Wednesday’s 2057.50 highs. Breaking higher into the noon hour attacked 2060.00. The last half-hour plunged to probe under the morning’s 2050.50 low.

Overnight action’s new info…
Sunday night’s open surged briefly to 2054.50, and then began retracing entirely back down to 2050.50. And through it, recently probing fresh lows down to 2043.25.

If, then…
Exiting the weekend with extreme sentiment is often a sentiment extreme. Monday’s open is indicated currently beyond the prior session’s range, attacking Wednesday morning’s lows. Probing today back above Thursday’s will be difficult without opening back above Thursday’s 2051.50 low. Meanwhile, trending down this morning would be difficult if the bias-down signal isn’t renewed under 2041.50.

First Trade…
Exiting the open at 9:45 under 2045.50 would be likely to trigger the 2047.00 bias-down signal at 10:15. Exiting the open under 2038.00 would be likely to renew the bias-down signal by not recovering the 2041.50 bias-down target at 10:15.