The First Trade & Pre-open Tour Recording…
Proper context can start the day with a solid win and make all the difference.
NEW DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A
Through the prior close…
Monday’s drop had overshot the 2275.00 support of “lower prior highs,” down to 2263.50. The close had recovered to 2275.00, but not above it, and only due to a weak-handed rally, which left “unfinished business below” requiring a retest at the 2263.50 low’s oversold RSIs. That attraction defined Tuesday’s session, since no overnight rally developed. Testing 2263.50 neutralized the attraction below, and its reaction tried again to recover 2275.00. That was again the cash session close, produced by a weak-handed rally — but this time there was no unfinished business below left outstanding..
Overnight action’s new info…
A shallow post-close surge tested 2278.00, defining the range’s upper-end past midnight. Its lower-end briefly touched 2275.00. Firming to 2281.50 ahead of Europe’s opens only established a narrower range’s upper-end, its lower-end supported by 2278.00.
If, then…
Near-term trending should be obvious before the open, before becoming most vulnerable to anxiousness ahead of the afternoon’s FOMC policy statement. The overnight rally is so far only noise back up to Monday’s 2281.00 opening print. Rallying any higher could face the challenge of already testing last Thursday and Friday’s 2287.00-2291.00 “higher prior lows,” which could be solid resistance. Greeting the news from a shallower morning rally could be the right mix of momentum and restrained optimism that can accelerate back to last week’s highs. Opening back under 2275.00 could still reflect patient buyers, while still being vulnerable to revisiting this week’s lows — which would now be likely to break lower on the way to testing 2248.50. .
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2281.00 would be likely to trigger the 2278.50 bias-up signal at 10:15. Exiting the open under 2275.00 would be unlikely to trigger bias-up.