The First Trade & Pre-open Tour Recording… Also, a programming note.
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 <<==
[PLEASE TEST THE ADOBE RECORDING OF THIS MORNING’S MARKET TOUR]
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A
Through the prior close…
Other than Monday’s session developing entirely in positive territory and Tuesday being entirely negative, there were interesting similarities between the two. Monday included a 16-point plunge off of the morning’s highs. Tuesday began by plunging 18 points to 2333.50. Both were largely recovered — Tuesday bounced back up to 2349.00 — into their afternoon bias environments which then ranged choppily sideways into the close. The most glaring similarity is that both intraday plunges were only retraced, but not reversed.
Overnight action’s new info…
Surging out of Tuesday’s close quickly pierced the open’s 2351.75 high by 2 ticks. Price began reversing down almost as quickly, but not very deeply, down to 2346.50. Gradually firming from there rallied through Europe’s opens to fresh highs at 2356.50. Now another pullback is probing back into yesterday’s range, dangerously close to the overnight lows, down to 2346.50.
If, then…
SPECIAL PROGRAMMING NOTE: I WILL BE UNAVAILABLE 10:30-2:30 ET (after the market’s first hour, until the afternoon bias environment begins lapsing). The chaRTroom will remain open throughout, and audio will not return… Last week ended with two overnight probes under the 2345.00 area. Recovering each before the next cash session open prevented the bottom from falling out. Tuesday’s probe under the 2345.00 area was intraday, which now requires its immediate rejection to avoid extending the decline. Greeting Wednesday’s open in rally mode is the first step. Last night’s rally teased at it temporarily, unlike the current dip. There’s only a little time for another rally effort before the open, and the alternative could require trending down to 2321.00.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2349.00 would be unlikely to trigger the 2344.25 bias-down signal at 10:15. Exiting the open under 2343.50 would be likely to trigger bias-down.