The First Trade & Pre-open Tour Recording… Engine revving.

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…
Thursday night’s surge in reaction to the Senate budget approval had reacted down 8 points overnight. Friday’s open was greeted at a 6-point retracement back to the 2571.75 overnight high, a “new Globex trend extreme” requiring requiring intraday retest. Consolidating through the morning finally broke higher through the noon hour’s exit. Perhaps it was the passive bearish WedEX influence that caused two probes of fresh highs to retrace, and to exit the bias environment at least 1 point under its 2571.00 entry. None of which prevented a surge to 2574.50 after coming to within 3 minutes of the cash session close — a new trend high close on a Friday.

Overnight action’s new info…
An momentary blip-down at Sunday night’s open instantly retraced Friday’s post-close portion of its last-minute surge. Then another surge extended to 2576.50, eventually piercing 2577.00 to add complexity that makes it another “new Globex trend extreme.” Drifting lower from there through Europe’s opens eventually retraced the initial blip-down to 2572.00. But the overnight range remains intact as another bounce is attacking the 2577.25 overnight high.

If, then…
Regardless of the opening print being flat or gapping, a bearish WedEX influence would take control no later than the open 15 minutes’ exit. Trending up through the opening 15 minutes would suggest otherwise, with the possible exception of printing the opening uptrend’s high at 9:45. There was already a lot of room as of Friday’s close to expend selling throughout the morning without damaging the rally’s chart. Now there’s a little more, if the overnight lows hold ahead of the open. Having probed overnight above the prior session’s high, exiting the open under the overnight low often accelerates the downside velocity. Ignoring the opportunity to reverse the prevailing trend often helps to extend the trend further intraday.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2570.50 would be unlikely to trigger the 2575.75 bias-up signal at 10:15. Exiting the open above 2578.75 would be likely to trigger bias-up.

Phonetic dictation…
good morning and welcome it is Monday it’s time for Monday’s Market to her and kind of looks like Friday’s rally is extending don’t forget Friday’s rally which Begin by gapping up actually that Gap up above all prior hides was a little subdued relative to the overnights church that enabled it that had surged being a product of the tax reform theme advancing but I spent the morning consolidating the opens Gap up didn’t retest the overnight High until the afternoon the afternoon of course being a touchstone for the medics what does influential influential and that is by at after the final Rose at least an hour this surge didn’t happen until coming to within three minutes of the cash that can close so that does not speak to the efficacy of the Burruss wedding next Friday afternoon usually isn’t that usually isn’t for Monday morning at so we can be confident that the influential Friday afternoon maybe another way we’ll see how we can be in it because regardless of the open this morning to open which could be higher currently indicated at new highs because last night’s open spiked up and even though large portion of last night was spent in decline or at least for tracing back down to Friday’s late eventually the origin almost Friday’s last-minute search now back up to 77 almost touching 7725 so wherever we open but we haven’t even higher than or within the overnight range or even if the open especially if the open under the overnight ranges so far there is still that various what x that could influence the morning the entirety of the morning and influence so you to be aware of and that is last night’s open last night’s initial time frame here’s a low it was initially a blip down that retraced large portion of that Spike doesn’t have to have been there by now but having probed above the prior session size overnight exiting the open under the under the overnight lows down and often invites velocity into the mix so what has happened here since drifting lower into and out of Europe’s opens at a rally well back to the upper end of the range actually done anything that wasn’t done already so I’m not ready to write this off yet but if we do the opening 15 minutes doesn’t down if you have any 15 minutes with one exception. If the opening 15 minutes probably influence influencewhether it was present Friday afternoonbecomes pretty much irrelevant if this morning’s open where the trend up and by the way whatever its influence even if it is very influential this morning that will make a difference when is mourning ends when the bias environment laps is the bear is watex influence is not a consideration anymore alright so I’m not really not really interested in that’s really buying early strength I do want to see where it is if it is at all it’ll be interesting to consider fading any but I’m much more interested in as far as likely setups selling a opening dip under 25 72 73 almost would start tilting the scales enough if there’s an opening dip and it doesn’t fall over and the only 15 minutes volatility even if it does Trend down or remain Under Pressure doesn’t give us an indication that momentum is reversing down I want to buy that for lease to retest of the overnight hi it’s a new blowback stranded stream maybe even for the potential to extend the rally don’t forget that I set up that is all the complete and fails to complete can be as in this case can be as bullish is it would have been a decline that would have been signaled by breaking under exiting the open under the overnight lows that tries through the open to break under the overnight lows and fails when they open is done can turn out to be as foolish as it would have been very much so there are pads higher and lower and we’ll track them at the open Extending down remember this whole rain started with a confirmed that even though price extended down never really gave us that required lower close but if I finally did provide a lower close it was within the range and so that wasn’t living up to the spirit of rewarding the confirm break out we got this bike down on it was recovered in today so I’m pretty close to rejecting it all but literally formed a head and shoulders top hat that last minute and it’s really been straight down since then one thing that I point it out along the way or that pattern was taking its time for filling it’s lower close it was that was basically promised as a reward to sellers that created the confirm breakout previously was at the delay would very likely extend that reward so last night’s Gap Town and big question here continues to be continued to be brief detour in that case butthe pound whichThursday night Friday morning and fulfilling that minimum objective which is to fill the gap this a two-week-old got back to the employment situation report reaction stop optimistically recovered actually buy Fridays open that’s not been exploited but I don’t think I can be exploited much Beyond feeling this Gap back to last Monday’s close 1:30 to 65 area and then the RC which I’m not sure this is working out or going to work out but that turn that we anticipated from up here last Friday’s close to pull back and then it’s recovery as stop shorter stop short before we’re tracing the recovery and now overnight is not showing any signs of improvement Silver with recovery triggered signaled above 1711 still needed confirmation from a second especially having tested 1730 with that recovery not forthcoming than Friday already hadnot yet but this patternthat didn’t gain traction didn’t break under relevant levels Gap downhill of training support and closed positive so now starting a new week and starting over the Gap up in fact not that it’s been extended overnight really no excuse to further delay extending higher the no more back and feeling in this pattern is needed if it’s extended higher and the natural gas is really scuse me has really taken advantage of this still premature recovery and there’s a fresh and low that same session close is above and inflection point which is fine that at least indicates and usually only indicates that the downside momentum has lapsed but in this case it has extended higher not only Friday but now Sunday night gabbing up camping up considerably back to resistance back to 3 so there’s a gap this is basically back to 297 to 9697 that’s going to be the reference point for the open if he opened above to 96 to 97 I’m willing to give it every benefit of the doubt before before reversing down otherwise failed 96 to 97 and I would look for this premature bounce to start racing and it doesn’tgood luck today

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