The First Trade & Pre-open Tour Recording… Coasting.

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…
Recovering an overnight slide by Monday’s open had isolated its probe into negative territory. Post-open action didn’t delay extending higher, although the bias-up signal was triggered late. Its 2590.50 bias-up target was met to within 3 ticks at the afternoon high. That also satisfied the rally’s next higher objective, which had been put into play by recovering 2563.75 previously. It also fulfilled the prior Friday’s new trend high close requirement for another new trend high close. A late reaction down was too late to be deep or lasting, and easily bounced back 1-2 points to close at 2588.00-2588.75.

Overnight action’s new info…
The rally soon resumed, first to actually touch 2590.50, and then to extend higher, printing 2593.50. Complexity created a “new Globex trend extreme” that requires an intraday retest, often the same day. Already slipping into Europe’s opens, the overnight rally has been retraced entirely. Yesterday’s close is being tested down to 2587.50.

If, then…
Attraction back up to the overnight high is relevant so long as price action remains in its orbit. Having probed overnight above the prior session’s high, opening under the overnight low would break free from that orbit and reverse momentum down. The more bearish scenario would avoid creating a gap back up to yesterday’s close, let alone leave outstanding a required retest of the overnight high. Holding up through the open would make the overnight high’s retest likely, but not assured. The bias-up target is above the overnight high, with further room for noise up to 2600.75.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2590.50 would be unlikely to trigger the 2591.50 bias-up signal at 10:15. Exiting the open above 2592.25 would be likely to trigger bias-up. Exiting the open above 2587.50 would be unlikely to trigger the 2583.50 bias-down signal.

Phonetic dictation…
good morning and welcome it is Tuesday it’s time for Tuesday’s morning morning at 2 or yesterday we saw the 25 9050 Target met 25 9050 next tire objective of the rally which had been triggered by recovering 2563 75 for two consecutive sessions that happened. Last Friday but the Friday before recovering it and then maintaining the recovery through last Monday I that had been attempted the previous Monday or previous Friday sorry back above closing back above 6375 but despite extending higher that Monday morning 6375 was being tested at at the close so that Monday is close not enough just being on the couch but not up for liability but I came back anyway and 25 9050 is now satisfied and in the interim was that between the two Fridays attempting to recover 2560 375 through their following Monday and then since last Friday last Friday’s recovery and Mondays maintenance above 6375 there’s been a couple test at 6375 s support here is Wednesday mornings dip which head was really a repeat of the prior evening Tuesday evening step to 6375 so there’s been a lot of backing and filling while taking out 6375 and putting into play 9050 so the question which was satisfied yesterday which was immediately tested last night and by the way with complexity do you see how this is yesterday’s high. Notice how the overnight there’s complexity at that point any is overnight at that point is not always the question is there going to be a bigger reward than just 25 1954 all the defending the fires have done that’s the important question sort of other doesn’t mean even if we knew it’s complete certainty that the rally we’re going to extend that it’s going to extend immediately there’s with unfinished business above there’s an entrenchment of the rally the rally uses that as a tactic to back and fill track shorts to refuel so even if we knew with complete certainty that higher targets are in play or out there or going to be we don’t know that there’s not going to be a downdraft first and that’s really what we care about trading intraday so we’re trading intraday and were wondering a couple things number one are we still in the orbit of the overnight High because that overnight high is off and the next day or that day well as determined the orbit of it is determined by its range the range of its window and this is its window back down to the overnight low which is basically 2587 50 15 minutes we’re going to look for a recovery backup to the overnight scenario actually even though it’s not required it can be attacked will definitely be monitoring the 61.8% back up to 95 so there’s any particular to retest on the way to the bicep Targettriggered about 9150 putting into play 97 and 97 can be probed there’s room for noise above 9050 another pattern a bigger picture the bigger picture than that identified 9050 there’s room up to 2675 so there’s room above if the open can remain in the orbit of the overnight High there’s also room below if the opposite if the not something in between the office at the overnight low having probed above the prior sessions High exiting me open under the overnight low under 25 8750 that is at 9:45 failing a hold 8750 would get out of the orbit of the overnight High regardless of it being a new globe extra extreme it’s a completely different or separate set up that doesn’t need a new go back strain extreme to be activated just haven’t proved above the prior sessions High exiting me open under the overnight low is reverses that is the trip versus momentum at least for the sake of a pullback so plenty of room at least plenty of opportunity for the rally to refuel again just a likely scenario back down to 78 79 I couldn’t see getting too carried away to the downside and still being likely in the near-term to retest last night size but it would be put on defense the rally that is so they wouldn’t require any particular it would just from a process of elimination take that off the table that is for the another piece of Unfinished Business and by gapping down would create another to give contacts to a pullback being a correction so don’t be too quick to the rally but don’t be too big a believer that it has to continue today if it’s going to continue still just watching a couple signals available today yesterday or Friday though having gotten almost or low enough to basically fill the Gap that the prior Friday had failed to do that’s why it’s bounce was unsustainable so basically closed under 7630 or above 7710 should launch the next leg the pound meanwhile down here can do some more decent substantial backing and filling there’s room right away preferably a little more time and we’ll be able to not so much but Fridays break out because yesterday and Friday as expected that has a tasting yesterday wasn’t likely to do anything substantial there’s a long-awaited much bigger decline that seems to have been built up opportunityas an opportunitynot until then Nikkei is on what 23 out of the past four and five sessions rallying some say it’s do alright gold bounced sharply really extended really exploited this test of 20 of 12 6650 got out of 73 7550 still needs to close above last week’s High 1285 High not just above 1280 ft that’s no longer a.m. Determining factor to prove that a bottom is in overnight that’s not being handled terribly well but so far just returning to the bicycle preferably above 1285 would confirm momentum having reverse stopping and more like a bottom we lost silver also needs to close above last week’s High 1725 which called as resistance yesterday to what I think is a rogue leg this is why I have to be suspicious about gold because silver had tried to get out of here already and basically this Gap up what are qualified for getting out of the orbit of this Gap that wanted to be filled otherwise back down to last Tuesday’s close having returned to that Gap up said it was likely to be filled nothing about yesterday’s session said otherwise expended a lot of buying pressure just to get back to the level which isn’t a bad tactic to get back to the level that then the next session today could recover to form a bottom butt that’s also not in the works here at the time at the present time Long Pond in the last couple days you can see that Friday well it’s pretty much exclusively in positive territory extend and then yesterday I actually spent the session in positive territory exclusively pattern in particular in particular at this stage which is testing prior highs I can’t keep that up and definitely it also at this stage should basically Force the realization that momentum or the trend has reversed up if it has reversed up or it hasn’t reversed up and it should Express that forced realization by basically almost but I should say almost literally exploding higher this morning until 10 but not exactly trying to explode in the interim unrest in Saudi Arabia that may have kick this into a new leg so in other words not just getting your car to a screeching halt and coming up on the curb temporarily before getting back on the road but actually taking his leg this leg which originates from the inverted Head and Shoulders 5150 255 50 plus and extending it by 61.8% 160 1.8%because that overthrow which tends to be rectified pretty abruptly if it’s not extending higher natural gas dryer 24 hours ago we were talking about it having capped up 2 or 3:09 if we can test 312 intraday and clothes back on to 309 yesterday whatever verse the tread back down at least and fill these two outstanding gas to 294 what 312 held it was recovered and held its recovery actually creating a position of strength for still possibly reacting down today but still needs to actually break back under 309 specially maintain through the clothes 294 which we now know if it originates from his position of strength would be temporary and would launch a bigger recovery closing about 3:12 instead prioritize alright that’s it and I’ll see there before the open good luck today

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