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 morning’s 2286.25 bias-down signal was touched at the open, and held through the bias timing window. The setup put into play an offsetting test of the 2295.25 bias-up signal. Its only attack was made quickly into the bias timing window, and peaked quickly at 2191.50. The balance of the session fluctuated around the 2284.00 overnight low and the morning’s 2286.25 bias-down signal. A test of 2295.25 remains outstanding as “unfinished business above.”.

Overnight action’s new info…
Ranging around 2284.00-2286.25 persisted into Europe’s opens. After allowing some time without resolving down, firming recovered to yesterday’s last-minute 2288.25 high. And then through it aggressively, reacting first to what is this morning’s 2291.25 bias-up signal. Surging again is attacking Friday’s highs up to 2294.00.

If, then…
Yesterday’s market Wrap described why any credible rally should begin without delay. So, does already surging overnight make this morning any likelier to rally? It’s a good start. But upon testing the 2294.00 prior highs, their resistance must still be exceeded through the open. “Unfinished business above” from yesterday at 2295.25 could serve as resistance. Last Wednesday’s “new Globex trend extreme” at 2299.50 is not so much an attraction as it is a landmark, so satisfying its required retest won’t necessarily satisfy buying pressure. Although this surge could have launched a 35-point upleg if triggered yesterday, the pattern still allows for a steep double-digit move if not rejected early..

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2293.25 would be likely to trigger the 2291.25 bias-up signal at 10:15. Exiting the open under 2288.00 would be unlikely to trigger bias-up.