The First Trade & Pre-open Tour Recording…

Proper context can start the day with a solid win and make all the difference.
NEW! Market Tour transcript included at the end of this post…

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…
Friday’s opening 3-point surge to 2282.00 was reversed by a 7-1./2 point plunge that attacked the 2373.75 overnight lows to within 2 ticks. So, its 2372.25 late bias-down target became “unfinished business below.” Trending back up to probe a couple of points above the morning’s high was interrupted once by a wide swing between 2276.00-2281.00 that suggests volatility is expanding. But a sell signal came too late to produce a break back under Thursday’s 2280.25 close.

Overnight action’s new info…
The bullish scenario that I described in Friday’s Market Wrap is trying to play out. Trump’s Saturday morning tweets may take some credit, undermining his legislative agenda, including tax reform that inspired much of the rally. North Korea firing four rockets stirred the pot. Either catalyst will suffice. Sunday night’s open plunged to 2 points under Thursday night’s 2373.75 low, and quickly bounced back up to it. Hours of ranging there narrowly greeted Europe’s opens, where a new dip touched 2268.75. Now its reaction up is testing 2276.00.

If, then…
A fresh low became likely after Friday’s failure to reverse its fresh trend lows back above the morning’s high. And while a shallow dip to 2372.25 could have resolved the pullback, the delay would likely be compensated by extending down to 2368.50. Which has been tested to within 1 tick. Isolating it to the overnight would likely reverse momentum up, potentially extending to new highs targeting 2405.50 and 2418.00. Otherwise, not already recovering at the open should extend down to test 2364.00, too.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2377.75 would be likely to avoid triggering the 2375.00 bias-down signal at 10:15. Exiting the open under 2373.00 would be likely to trigger bias-down.

Phonetic dictation…
[NEW! Unreviewed voice-to-text real-time dictation of the Market Tour recording. Again, not reviewed or edited in any way, which can be equally confusing and humorous.] Sorry, the online dictation facility was not responding this morning.