The First Trade & Pre-open Tour Recording… High hopes.

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…
Monday’s open was greeted by mostly recovering from the 5-point reaction down to a pre-open terror attack. Qualifying as a “knee-jerk reactions to headlines” — by definition, weak-handed sponsorship — made its 2657.25 origin likely to be recovered. Which it was, through the open. And then higher to fulfill “unfinished business above” at 2660.50 outstanding from Friday. The morning’s pullback recovered to 2662.50 during the noon hour, but failed to trigger the afternoon’s 2661.25 bias-up which would targeted 2667.25. A late pullback to 2659.00 reversed up relentlessly throughout the last half-hour to 2663.50 at the cash session.

Overnight action’s new info…
Futures continued surging to 2667.25, 4 points above Monday’s cash session was 2663.50. This became the overnight range, which has been held aloft optimistically, without extending higher. Globex immediately dipped back down to 2663.50, then bounced to 2667.75. Another, more gradual dip to 2663.50 developed into Europe’s opens, which again bounced to the range’s upper-end. Another dip and another bounce, of course, now getting briefer and shallower, still contained within 2663.50-2667.25.

If, then…
The current pattern’s influence was verified by yesterday’s session being bookend-ed by two higher calculable objectives. The morning peaked at 2660.50, and surging through the close peaked upon piercing 2667.25 by 2 ticks. The latter happens to have been last Monday’s opening high, so there has yet to be a “new Globex trend extreme” requiring intraday retest or inhibiting a reversal down. But yesterday’s late surge did exceed the corrective bounce limit that the morning had held, making fresh highs likely to test the room for noise at 2673.00. And its test would be likely so long as a 1-point buffer centered around 2660.50 holds as support, to keep sellers from gaining traction. Testing 2660.50 AFTER probing fresh highs would be less capable of holding. Regardless, there remains no “unfinished business above,” while a Senator’s election today could help or hurt tax reform passing, and tomorrow’s impending FOMC events inhibit buyers.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2664.50 would be unlikely to trigger the 2667.25 bias-up signal at 10:15.

Phonetic dictation…
good morning welcome it’s Tuesday time for Tuesday Mornings market tour International gross day I just made that up 12 12 dozen dozen 1 gross okay so mr. trade at yesterday’s close irritating because it was his little dip down at after at least to buy some laps They delayed no bias HUD had HUD the bias up signal that it didn’t trigger perfectly positioned either to resume that biased regret late which is often the case which would have targeted 2667 25 but this little blip down dismissed that possibility or not possibility that just the setup actually triggering late or in other words being likely to perform late going forward we’re going to give that a little wider berth it’s too late in the day at that point for a new pattern to emerge setups are a little different than patterns they play on patterns that have already created Target’s they already reflect buying and selling pressure but we can give a false brake setup to this that despite probing its inflection point never extended deeper than its first three-minute test is that going to be high probability it’s not going to be reliable notwithstanding the actual effect yesterday but if the market wants to be this volatile then I think we need to adapt a little bit to it it is surprising that it happened the case that I just described in another case it’s not because the next to higher objectives really book ended yesterday 26650 was yesterday’s high that was unfinished business left outstanding Friday and the next tire objective 2667 25 was yesterday’s high. Actually pierced by a couple ticks notice what has happened since reaction down to 6350 basically that is held as support throughout the night 6350 back and forth between 65 650 6725 6325 6340 still centered around what was the future 6450 optimism optimism to maintain that in effectual optimism to not extend that it’s not as relevant and optimism is not as productive as it would be intraday remember there was ineffectual pessimism not intraday coming to yesterday’s open that told us to look for follow through the upside so overnight or pre-open ineffectual optimism and pessimism can still have some bearing on the intraday but remember the next room for noise then or the noise above 6725 or the next 73 if 6725 or exceededwell that’ll be in play this morning and even if it’s not put into play this morning they’re still going to be likelihood of extending to it at some point so long as 26 6502660 2661 longest 26650 old support there any relevant window there’s still going to be potential to extend higher to 2773 2673 so I can remember this is actually last night this wasn’t actually the 26 6725 touched after yesterday’s clothes was actually last week so I last Monday’s high that’s actually not wear that was derived that is a calculable objective and so it’s on its own path and exceeded what needed to hold and that was yesterday morning’s high or ranging around at 3 yesterday afternoon he had exceeded what needed to hold for this to have been a corrective bounce yesterday so it’s not a correction or at least it’s an overshot correction if we get to 2673 and fail to longest 26 650 the oldest support we’re probably going to probe last week’s High to 2673 maybe today there’s I haven’t discussed it I don’t intend to discuss it so much as just to point out there is a senate US Senate race in Alabama between Democrat Republican and Democrat gets in it’s questionable whether he would vote for the tax reform package at the Republican gets in it’s not question whether he would vote for the tax reform package and other words seemingly irrelevant otherwise to the market but the market having rallied in Oaks of tax reform package passing within the next couple weeks if the Democrat wins tonight then that probably doesn’t happen and we have a good trade to the downside makeup for the tax savings with bigger profits will take a look at that we don’t know anything or not telling us anything about that but it’s clearly optimistic optimistically whether that means it is taking its hopes on that we never know and we don’t need to know but there’s also a fomc meeting tomorrow that in a rising interest rate environment or interest rate hike environment that the market is being pretty optimistic ahead of this is expiration week so a lot of this is attributable to the mechanics of expiration positions rolling definitely potential for turmoil here especially this morning into the afternoon ahead of tomorrow’s event overnight we learn who won the senate race tomorrow where the fomc policy statement is delivered benefit perhaps a couple of considered the most widely developed cryptocurrency Litecoin is the one I chose for other reasons and this has now gone where we from yesterday so yesterday was greeted at 140-150 and ended in the afternoon we were talking about it at 200 and now it’s banging on 280 aetherium also rally yesterday especially when Bitcoin had issues or coinbase GTX the big institutional exchange issuesit became aI promise that I’m looking for evidence of either way that introducing Futures on bitcoin allows selling pressure to be diverted to be expressed and so that makes the Alternatives that don’t have that possible expression more of a attraction for Long’s seems to have held in etherium although it hasn’t extended much higher I believe that is a new high right so I definitely like those lips look again for some reason my eyes but holding up this is the Bitcoin chart for some reason there overnight is not yet be on the phone with them later which would have been better served to lower instead of broke first accumulative eventually it will extend to make a much bigger more bullish pattern only discernible at this from this degree where it needs to recover so much more first or this surge yesterday will be used for having created extra room too expensive and pressure making it more easily absorbed before it actually does damage allow it to probe a fresh low and recover intraday that would be the nominal bullish scenario for copper gold underperforming silver by yesterday hasn’t extended 4450 so it hasn’t actually created the requirement for fresh Lowe’s Silver which I performed Yesterday by holding up above the prior low it’s already 68 6570 took a shot at 5310 yesterday only fluctuated around it came back to fill the Gap back to Friday’s close so that is still the bicycle that would Target 154 basically one 5408 need to get that under way to get some momentum to absorb crude oil Buy closing about 57 original by signal after dropping to and closing under and still not recovering for a couple of days 5680 limit suggested that the deeper pull back was at least near-term not in play I wasn’t looking at coinbase a little bit high for $40need any other proofthe currency okay so as far as crude oil extending hire overnight back to 5850 5855 at this point it’s still in motion so I can’t say that it’s stopping pessimistically short of the prioritize but if it stopped here it would be pessimistically short of the prioritize which the last time I was already pessimistically short of actually fill in the Gap to its prior High so I’ve got to give the upside for the benefit of the doubt and considering the delay possibly heading to its 6105 Target on this leg that’s without the benefit of fully correcting so we are going to start considering that to be the peak if 6105r test on his leg Natural Gas not by a little but the minimum Target was already met is all been fluctuating around it notice that this is going to create an island out of the last three sessions at a relevant level what do we know about Islands their retested either to form a more durable extreme or on the way to resuming the prevailing Trend so where would a corrective bounce than Peak that depends on whether it’s a correction on the way to lower Lowe’s or it is just looking to hold that extreme and we can just eyeball this and see gaps I want to see what happens it’s 76 I suspect 76 will be tested regardless 605 and the session were to react down then we’d have reason to suspect that this is bottoming the more aggressive the bounce on the Odyssey at this stage trying to create an island trying to leave that behind which it won’t do the likelier that it is just a temporary correct surrounded by interrupting brexit headlines I would like to see this if it’s valid but it doesn’t have to to so long as this first and only break under 78 doesn’t extend down we can take seriously close above 7820 nothing new on the euro which of course has to be meeting and policy statement on Thursday as the bank of England by the way possibility of extending

.