The First Trade & Pre-open Tour Recording… Not so fast.

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
[Still seeing a miniaturized chart? Please contact me ASAP for the fix.]

Through the prior close…
The week began optimistically, and not a moment too soon. An otherwise narrow overnight range around Friday’s ~2325.00 close broke higher just two hours before Monday’s open. Gapping up to 2331.00 soon surged to the morning’s 2337.25 bias-up target. Despite the weak-handed timing of the pre-open break, eking higher from there exited the afternoon bias environment with another surge. The last thrust retested the 2345.00 origin of Friday afternoon’s decline.

Overnight action’s new info…
Almost an exact, albeit inverted, replica of Sunday night’s pattern. Ranging narrowly included a momentary pierce of fresh highs at 2347.00. Europe’s opens triggered a 10-11 point slide to 2334.50. Its reaction has bounced up to 2342.00.

If, then…
Sliding overnight has been limited, so far, to a single leg. And that single leg hasn’t yet retraced deeply enough to reject yesterday’s rally. But it’s close. Viewing yesterday’s midday “eking” as if a Running Correction — bookended by surges into and out of it — offers two resolutions. Either that was a corrective dip which now allows yesterday’s rally to resume, or else another downleg will begin soon with the objective of probing under Sunday night’s lows. Either of these should be obvious through the open, or else the morning may find itself ranging narrowly around a gap down.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2344.25 would be unlikely to trigger the 2347.25 bias-up signal at 10:15. Exiting the open above 2341.00 would be unlikely to trigger the 2337.75 bias-down signal. Exiting the open under 2334.50 would be likely to trigger bias-down.