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

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 2606.00 open was greeted at or above all prior highs, and avoided reversing down quickly. Not reversing down almost immediately all but disqualified reversing down at all, and defaulted to a setup that was likely to rally. That proved to be an understatement. The morning’s 2610.00 bias-up target  was met just as the bias environment began lapsing. Surging into and out of the noon hour reached within 2 points of its 2622.00 bias-up target before the N. Korea missile news triggered a drop. Being a knee-jerk reaction to news, the drop’s weak-handed sponsorship was doomed to failure. In fact, the afternoon bias environment exit was already rallying, and extended to 2627.00 into the final hour.

Overnight action’s new info…
Not even “shallow pullback” defines the overnight range’s lower-end, just 3 points under yesterday’s late highs. “Narrow range” barely applies, too, when much of it measured less than 2 points. But neither range nor pullback can be applied now, anyway. Europe’s opens were greeted by firming back up to yesterday’s highs. Consolidating there has just broken out to fresh highs, testing this morning’s 2628.50 bias-up signal by more than 1 point. A “new Globex trend extreme” has formed.

If, then…
Nothing prevents extending Tuesday’s rally without further delay. Either a slow start or a fast start would be credible. Backing-and-filling would be suspicious, especially so soon after a single-minded relentless session like yesterday has revealed an urgency. Shallow consolidations and gaps up that don’t trend intraday had defined the last consolidation, but now that price action would indicate weakness. The rally has room to test 2631.75, and potential up to 2657.25, so long as no pushback is encountered.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2631.75 would be likely to trigger the 2628.50 bias-up signal at 10:15. Exiting the open under 2623.75 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning and welcome it’s Wednesday it’s time for Wednesdays and Morning Market to her not much of a drawdown last night while waiting for your UPS opens just one more sign of optimism this shallow pull back nine and pull back consolidation reminiscent to some degree of some of the consolidation along the way to yesterday’s breakout rally at same breakout breakout huge rally Shallotte consolidations intraday trending being delivered mostly in the form of gapping up and very briefly rallying or falling through it all yesterday was a watershed moment in which states the cat was let out of the bag the game is revealed a lot of optimism optimism from a contrarian perspective can be bearish but only when it gets excessive this hasn’t proved to be excessive thanks to Kim jeong-hoon yesterday launching a missile at this spot in Japan’s see that he apparently does not like thanks to this reaction down here’s the knee-jerk reaction to the news here’s the follow-through being a jerk reaction and at some point it is retraced entirely with the greatest confidence in it coming eventually little if any confidence and where that comes from other we did have a good idea of a couple of spots one was or one opportunity was at 2615 that was attacked initially that was the afternoons biocept signal natural supported did produce about and then the deeper and deeper and that would have invalidated the bicep Target 2622 been put into place literally as much pressure as could have been expended was expended eventually didn’t have to be but was expended in the reaction to the headline we can get sponsorship just couldn’t be a better opportunity other than if the reaction up at least at least we traced itself before retracing too much you’re so much of the drop that it had to be already in recovery mode like to see a leg retraced the first reaction from a previous Trends extreme or traced by at least 38.2% if not 61.8% obviously that’s not a requirement to recover but it helps otherwise the nearest recovery signal isn’t trigger identifiable until the previous leg is actually which is where we ended up getting a 6:15 and it’s literally influential there is no requirement symmetrical triangle producer for reversing or substantially in the opposite direction not always but the point is that the game is clear to everyone called a short squeeze all in moment it is very obvious and so has to behave that wayand last night shows that it is still behaving that way a lot of money chasing or enough money chasing the market higherwithout a news item like a missile launch for instance that is what a consolidation looks like an optimistic environment and it can get overly optimistic you can get excessive and not be maintained and that’s the but will look for it the open before being able to get bearish that and also the overnight High because of the complexity yesterday’s highs 27 27 or 26 27 and there’s 26 27 and there’s the probe of yesterday’s high reaction down higher hi there’s complexity they’re not just a straight shot up to 26 28 50 and then back down under 26 27 for a separate surge above a rally above 27 this is complexity and being complex this is a new globe xtrend extreme that requires being retested intraday off in the same day the same day not always but that would be helpful to get out of the way it’s retest anyway but it still open before being able to become bearish otherwise and he shall or dip not necessary it’s not necessary to fill the Gap back to yesterday’s clothes yesterday is 2675 cash yesterday is what was the 26 basically Futures clothes not a 26-point 675 area interesting to get along with a relatively tight stop but otherwise 26-28 50 no requirement to trigger but it really ought to trigger bias up really ought to trigger if this rally is going to persist but we’ll be watching for any fresh eyes in the morning retest the overnight even test the signal signal is 3350 but touching 3175 or 31 and then reversing down under 2850 that’s a maybe a little too deep in the weeds and 15 minutes that’s one little set up really a function of how shallow the overnight the combination of the excessive optimism that produces that suddenly picks up where it left off the previous day and surging those are the relevant levels too and if 3131 75 15 minutes about 15 minutes another level 20 that would be quick set up a stroke until we see some sort of distributive action some sort of break under a very quickly those are the likely scenarios to Rally with the whole world knowing that everybody else is rushing into it shouldn’t back and fill shallow or rallying but no backing and filling to maintain the rallyand I will repeat it today we’re doing a little bit different to the back so I’m not skipping currencies just so you know we’re doing those last as I started to cover so many morewe’re going to get the currencies instead of currencies delay and getting everything else so silver and gold both flat to lower golden self held a test another test its pullback limit but also touched the structure that contains a gap outstanding it’s a couple of gaps one by proxy than by touching just the structure of Friday’s range that’s a couple of gaps that are filled From Below after having held there’s no excuse at this point to further delay resuming the rally if the rally intends to resume but if the morning develops without yet resuming the rally that is extending the franchise I’ll be raising Matt silver meanwhile stopping to sense optimistically short of actually feeling that outstanding Gap that it got back into the proximity of at 1670 which suggested really any attack on that level at this point is headed to 1650 long blonde which had already yesterday already had ample opportunity to extend a franchise and it’s just become distributive they never have though triggered a reaction down and never treated a reversal down and so that is that is maybe it’s hell that if there is this late in the game of a reaction down that it’s actually just a correction so the combination of the distribution but the congestion creating a mass that has a gravitational pull basically the combination suggest a change in ownership but not the weekends it could be from weekends to Stronger hands some sort of rubber band stretch is needed because clearly probes above resistance aren’t getting it done set a resume the rally some sort of dip find buyers down here get rid of the last bit of sellers of us because that all has to hold one 5353 doesn’t have to be touched preferably just 15320 would be tested on a pullback that that’s sufficient to stretch the rubber band so that it can snap back up but the distribution has remember needing to recover last Thursday basically 5815 decisively so preferably about Monday afternoon at 8:35 and yes I just didn’t do that it was ultimately not counting the overnight low or low that isn’t possible and still not or andteen is a bicycle if it’s recovered to the clubs that will say there’s something more substantial going on as opposed to but there’s something more substantial to the upside going on as opposed to still meeting to fill one or both gaps outstanding below probably both probably proba fresh low before a bottom a credible bottom forms so this is almost literally the well literally the biggest bounce possible you can see already overnight probing even higher 320 so this is literally as much if not more buying pressure that can be expanded without yet gaining traction only because it hasn’t been maintained through the clothes that’s the deciding factor back under 3:10 is here to get to but that is the inflection point especially closing under 3:10 would indicate that the bounce here had gotten ahead of itself trap Lawns momentum reversing Dale the objective being to retest good luck today

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