The First Trade & Pre-open Tour Recording… Addicted to pessimism?

Proper context can start the day with a solid win and make all the difference.

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…
Waiting until literally the last minute, Tuesday’s open finally postured defensively ahead of the scheduled afternoon tax reform vote in the House. And despite not first probing fresh highs to stretch the rubber band, the pullback compensated for its delay. The morning’s 9-point drop to 2688.00 that would have sufficed if tested Monday, and could have sufficed on Tuesday, was broken on the way to the final hour’s 2683.25 low. Friday’s “lower prior highs” were less than 1 point lower.

Overnight action’s new info…
Yesterday afternoon’s 2690.25 high was already being tested well before the Senate ended debate over tax reform. A narrow-2-point range at 2689.00-2691.00 into and out of the vote finally broke higher with Europe’s opens. Or, tried. Its reaction down to 2689.00. But it tried, tried again, reaching 2693.25, with the earlier narrow range’s 2691.00 upper-end now being tested as support.

If, then…
The basis for a “session-long rally” setup formed by Tuesday afternoon’s 2690.25 bias environment high being the afternoon’s high, and by closing action having trended down. Maintaining a gap up Wednesday above 2690.25 would complete the setup, and probably target those evasive new highs. Not actually triggering the setup could be as bearish as it would have been bullish — especially with the overnight rally offering the setup ample opportunity. Having delayed a simple corrective dip for so long, might the market now embrace its pessimism a little longer? Even without greeting the open at or above yesterday afternoon’s 2690.25 highs, extending down would next target 2675.00, and potentially lower.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2691.25 would be likely to trigger the 2689.50 bias-up signal at 10:15. Exiting the open under 2687.50 would be unlikely to trigger bias-up.

Phonetic dictation…

good morning and welcome it is Wednesday it’s time for Wednesdays morning market tour look at yesterday afternoon yesterday afternoon we talked about this actually at the close we wouldn’t normally be or always be interested in identifying whether the afternoons High developed during the bias environment or if it was exceeded in a down trending day but it as it happened yesterday clothes Trend it down so we look back at the afternoons I and see that it did fall within the bias environment not after and that’s the basis for a session long rally setup if today’s open where to maintain a gap up above yesterday afternoon’s highs then that would Trigger or complete setup to form to complete a session long rally setup so when word of caution even if there hadn’t been youcity of jective minimum minimum consequences would be expecting alright Copper Still firming even more so more power to it gets every benefit of the doubt but only for having recovered 309 310 and now for having probed above this and negotiated this down trending resistance gold even though it might not interfere with the ultimate goal the ultimate upside of ejected in either gold or silver if the overnight High last night is not repeated today that thing for a second consecutive session and some deep purple back is likely to happen on Monday and never the last extended down aggressively yesterday and tested not only its pullback limit but also last week slow recoverycurrencies earlier and there’s not a just a follow-up one thing about your out is that it is back to testing this one 1930 1 1930 the original cell signal do I need to hold that to at least avoid a gap fill at the one 1970 which there’s just no bullish reason for his been in a backing and filling to resume it extended at 1.