The First Trade & Pre-open Tour Recording… Couldn’t contain it.
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…
Tuesday’s open compensated for Monday’s failure to recover 2681.50. Probing it late Monday afternoon had dipped back under it through the cash session close, and barely settled back up at it. But overnight action had firmed and extended enough for the open to absorb a 7-point drop to 2692.50 without even threatening to re-enter Monday’s range. The opening dip was quickly absorbed, and the rally was quickly resumed. It extended into the noon hour up to 2708.50, and resumed coming out of the afternoon bias environment. The next higher objective at 2715.00-2722.00 was attacked to within 5 ticks during Tuesday’s last half-hour. Another pullback similar to the open’s dip still found time to test the morning’s highs down to 2705.50.
Overnight action’s new info…
Yesterday’s late reaction down from 2713.75 immediately extended a couple of points lower to 2703.75. The blip-down was retraced as quickly, and soon so was much of Tuesdays late reaction down. Flat-to-higher action since then has repeatedly pierced yesterday’s high, until now actually probing fresh highs up to this morning’s 2718.25 bias-up target.
If, then…
Maintaining a gap up Tuesday triggered by proxy the setup that almost triggered Monday afternoon, which points higher through this morning. That’s still likely, especially since the open isn’t indicated to gap down. Yesterday’s late dip also helped by restraining optimism, but too late for sellers to gain traction. That restraint continued overnight by remaining within yesterday’s range. And only now probing fresh highs comes early enough not to be considered last-minute, or doomed. That said, one bearish setup would quickly test 2722.00 and then reverse back under 2715.00. Otherwise, this afternoon’s resolution to a morning rally — extending higher, or reversing back down — could be a function of the Beige Book reaction and WedEX influences, along with the 2715.00-2722.00 objective’s status.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2715.00 would be likely to trigger the 2711.50 bias-up signal at 10:15. Exiting the open under 2709.50 would be unlikely to trigger bias-up.