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The First Trade & Pre-open Tour Recording… Ambush? – If, Then… Market Timing

The First Trade & Pre-open Tour Recording… Ambush?

By Rod David | April 24, 2017 - 7:35 am

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…
The WedEX signal’s bearish influence began Friday afternoon. That didn’t prevent the morning trending down from 2352.00 to 2345.00. Its last gasp was reversed down suddenly at noon, extending through the noon hour to touch the afternoon’s 2340.75 bias-down target. The bearish WedEX influence didn’t prevent a favorable knee-jerk reaction to headlines on tax reform plans to be released within days. But the noon hour entry wasn’t recovered, keeping the afternoon flat-to-lower.

Overnight action’s new info…
French election results precipitated Sunday night’s open gapping up 20 points to test 2366.00 and extend to attack 2373.00. Consolidating down to test 2365.00 had recovered into Europe’s opens. Fresh highs a couple of hours later have attacked 2377.00.

If, then…
Friday’s low originated at obligatory support, triggered by an artificial catalyst. The burden of proof was left on buyers. They seem to have delivered, at least for the purpose of avoiding an immediate collapse. That collapse was necessary to end the decline constructively, which isn’t being accomplished by leaving another gap outstanding. Meanwhile, a corrective bounce would find resistance at 2375.00 (discussed during this weekend’s Saturday Review), which is now being tested. Suddenly by gapping up, just as the WedEX’s bearish influence is scheduled to resume. And we’re assuming WedEX was mildly influential Friday afternoon, so its influence Monday morning should be aggressive. Trending back down through the opening 15 minutes of volatility would help to confirm, or at least not trending any higher than the open. Otherwise, the morning will be vulnerable to trending up throughout.

First Trade…
[Click here to view the Bias parameters] Bias parameters derived from recent patterns are far removed from this morning’s open.

Posted in members-only, Pre-market Tour, S&P, The First Trade