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…
Wednesday’s open was greeted by the remnants of an overnight rally that had probed above the intraday highs into Friday’s range up to 2268.50. Its reaction down plunged to 2258.25. Recovering only to attack the morning’s 2266.00 bias-up signal, the balance of the session was only a frustratingly narrow 3-4 point range. Actually, the 3:37-3:52 position-squaring window broke higher, but only to its 61.8% range for noise up to 2267.25.No unfinished business was left outstanding, and WedEX did not form a setup.

Overnight action’s new info…
Yesterday’s late rally didn’t so much extend, as it tried to resume. Fluctuation around 2266.00 persisted, briefly attacking the prior night’s highs up to 2268.25. Europe’s opens saw that range’s lower-end break down to 2261.50. Its reaction is now testing 2265.00.

If, then…
This morning’s bullish scenario is the same as yesterday’s, which begins with an overnight rally. So far, no good. That will have to change soon — and quickly by a lot — to avoid the bearish scenario of probing fresh lows for the week. As it happens, that kind of change is entirely possible, with the ECB rate decision and Mario Draghi press conference now warming up. Anxiousness ahead of the ECB may be responsible for inhibiting a recovery already. But regardless of the likelihood for a new high targeting 2278.25, reacting down remains possible, which would target 2248.50.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2264.00 would be unlikely to trigger the 2266.00 bias-up signal at 10:15. Exiting the open above 2269.25 would be likely to trigger bias-up.