The First Trade & Pre-open Tour Recording… Been here, done that, repeatedly.
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 no-no-bias environment avoided triggering its 2719.00 bias-down signal, and surged through its 2725.25 bias-up signal to 2734.00. The no-bias trending was retraced before the FOMC news, which triggered a 12-point knee-jerk reaction up to 2744.00. Which triggered a 20-point collapse. Both within 5 minutes. Wide swings persisted as fresh lows were probed down to within ticks of the morning’s 2712.25 bias-down target. A 21-point bounce was mostly retraced into the close down to 2714.25. Oversold RSIs at the low require a retest. Tuesday morning’s “unfinished business below” at 2710.25 is outstanding, too.
Overnight action’s new info…
So much for Wednesday’s volatility. Right? Firming steadily into the Globex session recovered to test the lower-end of 2726.00-2727.00. Its reaction down attacked 2718.00 before trying to recover, but peaked at 61.8%. Reacting down again greeted Europe’s opens back at yesterday’s late low. And then lower. And then a lot lower. Collapsing sharply lower finally bounced back up to 2707.50, what is this morning’s bias-down target. A retest of the low down to 2696.00 reacted up to 2701.50, and ranged sideways at the lows.
If, then…
Attractions at yesterday’s 2712.75 low and Tuesday morning’s 2710.25 bias-down signal are neutralized. Isolating their tests to the overnight could have launched a multi-session recovery of the pullback from last week’s highs. That’s still possible, since tests of 2701.50 have been holding. Repeatedly. Recovering again in this setup all but requires opening back above yesterday’s lows, if not also in positive territory and then holding above yesterday’s lows. Trying, and failing, could prove even more bearish than not trying at all. And not holding the retest of Monday’s lows would threaten to expose an air pocket not much further below.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2711.50 would at least be likelier to trigger the 2713.00 bias-down signal at 10:15. Exiting the open under 2706.00 would be likely also not to recover the 2707.50 bias-down target which would then renew the bias-down signal.