The First Trade & Pre-open Tour Recording… Holding up.

Proper context can start the day with a solid win and make all the difference.

NEW 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…
Friday’s opening surge had consolidated above almost all prior highs at 2450.00, and then extended into the last half-hour up to 2461.25. Fulfilling all remaining upside objectives along the way, the rally had one opportunity to entrench itself by the close. And it did, with a new trend high close on a Friday that requires an eventual higher close.

Overnight action’s new info…
Sunday’s open quickly bounced up to 2459.00, which is the bounce limit I had identified at Friday’s close. Narrow sideways ranging eventually dipped to touch 2454.00, which had been the last “unfinished business above” outstanding. Its reaction is now bouncing back up to attack 2459.00.

If, then…
Probing the highest upside objective at 2456.50 Friday was retraced into the close to avoid any hold-long signal. Holding it had opened the door to a near-term pullback to Friday morning’s “lower prior highs” at 2450.00. Holding 2459.00 as resistance keeps that door open this morning, too. Extending higher instead could test 2464.00-2465.00.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2460.50 would be likely to trigger the 2459.00 bias-up signal at 10:15. Exiting the open under 2454.00 would be unlikely to trigger bias-up (i.e. holding above 2454.00 through the open won’t marginalize sellers).

Phonetic dictation…
good morning welcome it’s Monday it’s time for Monday’s Morning Market to or not a whole lot to go off talking about here because first of all we did a lot of that on Saturday I hope you had a chance to watch or listen to the Saturday review but basically it comes down to this we had a multi week pull back that ended last week with a gap up that extended for the next day and then Friday morning surged Hubbard pessimistically short of the prior High already two days earlier having indicated that new highs weren’t play it’s so we got their pessimistically short hovering resolved up unfinished business and have been outstanding from the I really wouldn’t have been a deal-killer if it had been left out standing forever but anyway 2454 we were able to calculate levels off of that including 5650 the room for noise about 50 for it was influential and not only influential in a little bit that was soon proved but then retraced close basically at 5650 the room for noise above the unfinished business of self held as resistance which is a big deal also a big deal is a new trend I close on a Friday so with that unfinished business above that has no timing factor to it what about Friday’s Friday’s close hat 24 5650 which was the room for noise above the unfinished business well that creates the potential and with timing for a pullback in fact the timing is immediate or not at all it’s not a requirement it’s not a signal like the new trend High closes and Signal saying or set up or going to have a new High clothes to follow but it would have timing to it but there is timing to the clothes at or under 5654 that a signal tonight so either 5650 is going to hold it can be proved intraday probed above but having clothes there says that the sponsorship if it doesn’t get reinforcements today is in that is to drive it higher is in need of finding reinforcements From Below so if there’s a pull back if if the market goes looking for a sponsorship to extend the rally below it’ll find it either 50 2449 or there’s levels and start getting somewhat substantial below so what about the open it open going to take care of that and start rallying that’s that’s dependent on 59 59 itself 2459 is the balance of it that I identified at Friday’s close that would maintain that deeper pulled back potential only bounced but only bounce so long as 59 holds that keeps the door open today afternoon 50 otherwise 12:36 and 12:43 are the next higher highs silver pretty strong notice it did not did not probe fresh highest Friday with gold kind of making up for the are trying to compensate for that delay today Long Pond has no unfinished business below has a warning shot across the bow on Wednesday that was retraced to lower prioritize back within that range the 61 8 retracement and Cetera of a lot of those swings bigger surge at Friday’s will Friday morning no requirement for a correction of that and yet it did correct so there’s just at this point not much room but little reason to delay extending hire through 153 this should be 153 and overnight 153 is been touched or pretty open here bottom is formed just needing to be triggered crude oil did finally close about 46 this is this is not the most credible close by 46 + 2 closes at 46 so it’s a trigger the closing back of the 46 today wood Decatur hand and natural gas really Friday’s pre-open dip fill the Gap sort of you don’t really feel gaps overnight but it did hold the test of the Gap back the last Monday’s close there’s really didn’t really require being filled at all anyway so that was kind of nice of them to do that but still needs to exploit that and there’s really no reason why delay to the rally has no further justification for it .