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 gapped up 6 points above Tuesday’s high to 2286.50. Trending up through the day nearly touched 2295.25 just before the close. But that was too late to gain traction. Only the bias environment exit was above its prior timing window’s high, and the final hour’s entry didn’t confirm. Even closing the cash session above the bias environment’s 2294.25 high was too late. But the session still qualified as a breakout, putting into play the next higher objective at 2227.00.
Overnight action’s new info…
Wednesday’s last-minute reaction down wasn’t deep, and it didn’t extend much deeper before firming from a test of 2292.00. Firming became surging, eventually piercing 2299.00. Consolidating the overnight highs until Europe’s opens has drifted back under yesterday’s highs to unchanged testing 2294.00 as support. Regardless, there was complexity while probing fresh highs, which creates a “new Globex trend extreme” that requires intraday retest (not necessarily today).
If, then…
Trending back down this morning is possible. A relatively shallow dip would be likelier than a deep dip, if any dip at all. But this rally’s ongoing pattern is likely to meet its next higher objective aggressively, and also to reject it aggressively. That could have followed Tuesday’s fulfillment of what was then the next higher objective at 2278.25 and a new high close. It didn’t, so now the aggressive rejection must wait for the next higher objective of 2327.00. That might have been avoided by not confirming yesterday’s breakout today, but the character of yesterday’s pattern already suggests it won’t be rejected abruptly. Reversing down from a retest of last night’s “new Globex trend extreme” is possible, as is already opening under the overnight low to avoid retesting last night’s highs today. But holding up through the open would suggest the rally will extend into next week.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2298.75 would be likely to trigger the 2297.50 bias-up signal at 10:15. Exiting the open under 2291.50 would be unlikely to trigger bias-up.