The First Trade & Pre-open Tour Recording… Batted about.

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…
Monday’s late surge to fresh highs at 2667.25 wasn’t rejected overnight, which had ranged exclusively back down to Monday’s 2663.50 late high. Tuesday’s open dipped there one more time before surging to the next higher objective at 2673.00. That was the morning’s bias target despite not triggering bias-up, which is “no-bias trending” and doomed to failure. Besides, it was a little overly-optimistic ahead of Wednesday’s coming headlines. The failure came late, after a choppy sideways range, dropping back down to test 2667.25.

Overnight action’s new info…
Tuesday’s late dip had reacted up into its close, but that was quickly retraced on the way back down to the morning’s lows at 2664.00. A 6-point collapse accompanied Senate election results. The balance of the night has been spent retracing it, and also yesterday’s close up to 2669.00.

If, then…
Several higher objectives have been touched and held through their timing window in just over 24 hours at 2660.50, 2667.25 and 2673.00. No interim pullback refueled buyers before extending to the next higher objective and fulfilling more extended buying pressure without creating new “unfinished business above.” This much optimism may not be excessive, but it is vulnerable to reversing. The last similar instance was November’s last two sessions which fulfilled 2631.75 and 2657.25 before December’s first session plunged to 2605.00. That catalyst was a surprise (Gen’l Flynn day). This afternoon will be batted about by an FOMC policy statement AND the Fed Chair’s quarterly Q&A. nonetheless to suddenly realizing it has no sponsorship or reinforcements. Being overnight, the overnight drop can’t be relied upon for having refueled intraday buyers. Yet, the overnight drop’s intraday origin came too late yesterday afternoon to have been strong-handed sponsorship. At least an attack on yesterday’s highs is still possible before becoming likely to break lower again.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2667.25 would be unlikely to trigger the 2663.50 bias-down signal at 10:15. Exiting the open under 2669.00 would be unlikely to trigger the 2671.25 bias-up signal.

Phonetic dictation…
okay good morning and welcome it’s Wednesday it’s time for Wednesday’s morning work at 2 or I just to point out what happened last night first of all yesterday’s brake lower came too late the origin was too late to be durable we knew two things about it it was either going to be brief shallow possibly deep but in any case temporary pick 2 and of the other three extended break yesterday finished it’s because of the ending in the morning above the bicep signal held it as support bounce back basically to the breakpoint of that pattern of that consolidation and then extended Down Deeper back into what have been the overnight range and even under it to test 6050 remember what the lower ejected would have been had sellers gained Traction in today 2660 50 plus or minus a couple ticks either way test it overnight so there is a potential only overnight and it’s already rewarded by retracing as was expected only a temporary drop all the way back to its 2669 brake again but we can give it a little bit better control or 6671 little bit extra room there 72 maybe or probe above yesterday’s range which really 7677 50 is likely to to be the objective of a probe sooner rather than later earlier this afternoon because important afternoon the policy statement from the expected anticipated Monday and then extending into Monday’s close to the next active and all these influential by the way 6725 that then extends to the next to the problem between 6050 and 6725 was compounded by being no that’s not even not refueled just we can’t that try to get to 26so nottoday’s events of this afternoon’s events notwithstanding this overnight drop that did complete a pull back but that’s for the overnight crowd so they get some sort of influence into the open will be looking for a retail store I’ll be giving the potential for retest of yesterday’s highs or benefit of the doubt so long as sellers aren’t we taking control through the open and I don’t mean to say That’s The Longshot there’s a good chance of celery taking control at the open but so long as they haven’t and attack on probe into or probe of yesterday’s highs becomes likely even if that’s if the markets just going to get into posture for greeting the fomc news from nearly attacking yesterday’s highs so some sort of a relief rally knee-jerk reaction up and then Splat could develop and then finally not I’m not trying to call the ultimate reaction to the fomc developments very possible that the market gets over itself and Extenze higher for whatever reason just know the vulnerabilities at the last time this happened it happened on a bigger scale which was extending are the next objective above 26 2600 bass 2601 where 26 3175 that was met overlap a little bit but met on the 2nd of November and active without any refueling really that’s a very shallow dip and didn’t even close about 3175 extended hire anyway to 5725 the next tire objective not that that was the cause of the reaction down but it certainly created fertile ground for the general Flynn reaction all the way down to 2605 that’s those are much bigger objectives much bigger interim pull back the shallower objectives never met over the last couple days 6050 6725 73 did have a similar or I think I’m relatively similar pull back I’ll be in overnight other markets gold which position of strength silver similarly last week’s low potential potential for absorbing potential for converting and copper 6309 to indicate that this was only until then this bounce is just creating room to absorb one big flush that’s still the most likely or at least reliable long Bond initially in either of the two last two days support and resistance not closing Beyond either low pessimistic potentially bullish24 hours ofare weeks range at the let alone breaking lower that was rejected at the open closing back about 5740 would start to suggest that sellers still aren’t bringing it at the same time cuz you left at 7:40 would really undermine the timing any remaining timing to this pattern either retesting the highs or extending hired at 6105 or falling back up at 7:40 would not help us want to see a pull back here that helps the pattern stay on track Natural Gas this is the nearest bicycle is a close above 290 but there’s really no by today if price were to shoot up there that would be a very suspicious of course although so long as hell Gap is left outstanding below that’s the beginning of being able to start giving buyers benefit of the doubt just not a great pattern to trade right now which had made it to 70 75 80 yesterday made it back there today or overnight the reaction stops short of closing back under 7540 Wychwood Target a retest in the Lowe’s basically an island back about 75-80 would have what would extend the correct of Bounce that’s really the most we can do on that the pound a little more brexit news or at least perspective coming out today and that that doesn’t seem to be hindering the pattern much which is still on its way breaking lower Looney willing to give this a benefit of the doubt read that as just a little bit more time to approve itself out because yesterday was at least overlapping or touching the prior couple three sessions Lowe’s but that’s it I mean there’s no forget about second bite at the Apple there’s really no time allowed to let that play out without actually exploiting it so that bicycle triggers today or else it’s just not going to be credible after rejecting a corrective bounce as was likely yesterday not anything new overnight but still maintaining that pattern and nothing really yet reliable in the yen but the near-term or the nearest 8888 can be lowered today if this pattern basically through the day but kind of Correctionit is only consolidating so and it’s by the way against the against the control group of Bitcoin itself which has Futures now and not the same kind of games so does look like a lot of buying is being diverted or at least there’s Now new interest in other cryptos that don’t have the unknown factor of how Futures are going to impact I can’t think of a fundamental reason or much fundamental reason of course etherium has the largest blockchain development efforts but apart from that just a matter of picking one horse over another or even a couple of them you want to go for a trifecta Maybe I’m starting to look into what happens at year-end I’m sure there’s forget about tax reform in a lower tax rate just the time value of money might make it more attractive to larger holders longer-term holders of Bitcoin for instance to sell January one not the first trading Day by the way of January versus bases the stock market but literally midnight and one second in 2018 lot in their games then and have a tax bill it’s not due until the following year so that is probably going to put some down might be decided to allow shorting Futures just as a friend but I don’t think that’s going to be the issue so much as making sure there’s some some protection in place it will be probably later this week and I’ll see you there good luck today

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