The First Trade & Pre-open Tour Recording… Crouching in the corner.

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…
Wednesday morning’s break under 2758.00 barely tried to recover that afternoon. Thursday morning was resisted by it, long enough for a late-morning surge to be doomed to failure. Perhaps the afternoon’s no-bias environment intended to try again, or to resolve in a rally. We won’t know, because a headline surprise triggered a drop under the 2755.00 bias-down signal that attacked the 2745.00 overnight low. It was retraced entirely into the close. Applying that 9-10 points of buying pressure at the bias environment exit could have recovered 2758.00, and helped to end the pullback. “Unfinished business above” at the morning’s 2767.25 overbought RSIs could have attracted price even higher. Ending back above Wednesday’s 2750.00 lows after probing lower may be the beginning stages of  a new accumulative pattern, or else chipping away at support — the pattern isn’t yet well enough developed either way. Whichever, it is much closer to a resolution.

Overnight action’s new info…
The momentum of yesterday’s late recovery extended slightly higher into the Globex open. Like the prior Globex session’s initial firming, it touched 2759.50 — 1 tick short of what is happens to be morning’s bias-up signal — before its first reaction down. Like yesterday’s session prior to its headline surprise, Wednesday’s 2750.00 lows held as support, touching what happens to be this morning’s 2750.25 bias-down signal. The balance of the night has ranged choppily back up to 2758.00.

If, then…
Yesterday afternoon’s 2745.75 low touched last Thursday’s “lower prior highs,” albeit several ticks short of actually filling its gap which is preferable. Recovering back above prior lows is the basis for an accumulative pattern. A second such test is possible, but not a third test before actually recovering some resistance to signal momentum reversing up. Meanwhile, a second test of support could probe deeper than the first before recovering, or simply not recover and become a new downleg. That dip’s next lower support is in the 2736.00 area. And its test becomes likelier — regardless of its resolution — if this morning isn’t already rallying. This being a Friday, the morning’s bias signal tends to persist through the noon hour, so early trending should be very productive.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2762.00 would be likely to trigger the 2759.75 bias-up signal at 10:15. Exiting the open under 2748.00 would be likely to trigger the 2750.25 bias-down signal at 10:15.