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…
Thursday’s open and close were essentially flat with each other, and essentially flat with Wednesday’s 2294.00 close. This seemed to ignore the prior two sessions’ rally, as much as the overnight’s rally — although attraction to the overnight “new Globex trend extreme” may have inhibited trending down. Anyway, the open’s dip back down to the 2291.75 overnight low was the opportunity to reverse down, but it held. Probing under it later was less about continued selling, and more about searching for stronger buyers.

Overnight action’s new info…
No hint of trending appeared until rallying to greet Europe’s opens back at Thursday morning’s 2296.75 high. And like Thursday morning, the overnight rally attempt was reversed back down entirely to 2291.25. Bouncing back to yesterday’s 2294.00 close has yet to resolve either way.

If, then…
Yesterdays narrowly ranging session was more predictive than its size. Predictive, if not very productive. Its backing-and-filling followed a second consecutive surge to new highs. That was Tuesday and Wednesday, with Wednesday being an actual breakout closing above prior highs. So, Thursday missed the opportunity to confirm Wednesday’s breakout. It did leave outstanding a higher objective that was put into play overnight at the new Globex trend extreme. But repeating Thursday’s pause throughout Friday would undermine this leg’s 2327.00 objective, since it requires being met by an aggressive rally. After Thursday missed the opportunity to confirm a breakout, Friday not exploiting the proximity to a new high close would be doubly concerning. Any further pullback today can be deep and probably steep, but it must be brief to allow time for recovering and reversing up. Similarly, reacting down intraday from retesting Wednesday night’s Globex trend extreme would not only undermine the rally’s momentum, but possibly reverse momentum down.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2298.75 would be likely to trigger the bias-up signal at 10:15. Exiting the open under 2292.00 would be unlikely to trigger bias-up.