The First Trade & Pre-open Tour Recording… Fear of heights.

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 gap up failed like Monday’s did, which also collapsed. But Tuesday’s gap up neutralized “unfinished business above” at 2552.00 which Monday’s gap up had stopped 2 points short of touching. No other objective above remains outstanding, but the morning’s collapse to 2543.00 never extended. Indeed, it held a noon hour retest instead of breaking lower.

Overnight action’s new info…
The interim high between Tuesday’s two tests of 2543.00 was 2547.00. Tuesday afternoon had fluctuated narrowly and choppily around 2547.00. Globex initially probed a little higher, attacking 2550.00. But it reversed through Europe’s opens down to 2545.00. Now a bounce is testing 2547.00 as resistance.

If, then…
No unfinished business above is not necessarily a top, not until exploited by breaking a relevant support below. And the longer that sellers don’t exploit the stagnation, the less likely that they will. Retesting Tuesday’s opening highs is still possible in either a bullish or bearish scenario, but less and less likely if today’s open is already in decline. Not yet breaking lower before this afternoon’s FOMC Minutes would make fresh highs likely.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2543.00 would be likely to trigger the 2543.00 bias-down signal at 10:15. Exiting the open above 2547.75 would  be unlikely to trigger bias-down.