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! Market Tour transcript included at the end of this post…

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…
Wednesday morning’s bias-down signal left outstanding its 2331.00 target. Must have been something important, because the balance of the bias environment rallied 15 points to 2348.00. Half of that came after London’s terror attack. No specific catalyst was identifiable, but the noon hour’s reaction down to 2336.50 was recovered entirely, anyway. Wreversal Wednesday? The drop was a little brief for that setup, and its recovery was relatively shallow. But the overnight attempt to extend Tuesday’s plunge did not succeed.

Overnight action’s new info…
Choppy overnight action had initially opened down to 2341.50. An overnight rally probed Wednesday’s highs up to 2349.50. Trending back down into and out of Europe’s opens dipped to 2343.00, and is now bouncing to attack yesterday’s highs.

If, then…
Trying to resume yesterday morning’s recovery didn’t produce any extra gain in the afternoon, and now an overnight attempt has also been rebuffed. None of which invalidates the recovery attempt, which did manage a positive close. But all of which suggests that more selling pressure must be absorbed before forming a credible bottom. Yesterday’s “unfinished business below’ at 2331.00 could come back into play if the open isn’t yet rallying through yesterday’s highs. One caveat to fresh lows is that the pullback has much more room below if 2331.00 can’t hold. Meanwhile, after getting past Fed chair Yellen’s pre-open speech, be aware of headlines regarding the controversial healthcare bill. Although a vote might not come until this evening, price action may be influenced as it affects the near-term prospects for tax reform.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2348.00 would be unlikely to trigger the 2350.50 bias-up signal at 10:15. Exiting the open above 2353.25 would be likely to trigger bias-up.

Phonetic dictation…
[NEW! Unreviewed voice-to-text real-time dictation of the Market Tour recording. Again, not reviewed or edited in any way, which can be equally confusing and humorous.] good morning welcome it is Thursday it’s time for Thursday’s Morning Market to her taking things in reverse order I’ll just point out that yesterday morning’s 2348 hi its probe very late in the day up to 4875 both being attacked or tested here presently this is after an overnight dip and overnight Depp after having probe yesterday’s has it is really no words sellers aren’t we taking control not at this moment buyers aren’t really backing off they’re not being very productive but there’s still a force and this is after yesterday morning first of all the overnight action that had tried extending Tuesday’s drop the big surprising plunge trending down on that pattern into the afternoon and then pretty much been required to Provo overnight but then yesterday’s opening dip having endured past the tub and window to trigger by ass down past the time and window to avoid being invalidated because of the size of the decline that preceded it the biceps ago was pretty well above open in fact despite a 15-point rally off the low the mornings by ass up signal wasn’t recovered not in time to invalidate the bus down to the bus down Target 2331 is unfinished business below I wouldn’t even be talking about it if the rest of the session after that mornings 15 Point rally if the rest of the session had extended higher the overnight action that extended higher if pre open Action Extenze higher which it’s not try to do we won’t be talking about 2331 we do have to take the upside seriously after all a bias down signal was put into play their target was left at standing and into the face of London’s Terror attacks a rally doubled O’Reilly origin should otherwise have made it very vulnerable to any kind of a bad headline or big Soul order hitting hitting the tape just muscled right through and again to yesterday’s clothes and into the overnight being rejected so we have to give buyers certainly not every benefit of the doubt but some benefit of the doubt we still don’t have any direct attribution to this rally is certainly a lot of stuff going on yes Tuesday Mornings drop considered to be nervousness ahead of the health care vote that is occurring sometime today probably after the close still though headlines last minute headlines handicapping it likely to buff at the market and the health care about really has nothing to do with the market other than the tax reform initiative that should follow it I love being delayed or having lesser or greater chances of success the sooner it does Fallen so do give a bouncer better for the day by the way yesterday’s clothes was in positive territory regardless of the afternoon not extending above the morning so I today’s open gapps up yesterday morning so I above 2348 25 if it triggers a bicep signal 23 it gets every benefit of the doubt at that point for extending iron is 2350 fifties by a subsequent was tested and not triggered of course that would put into play it on setting test of the bias down signal23 3975 not yet at that point enough to confirm or have any degree of confidence of 2331 will be tested but even without testing on rejecting it if this morning is rallying the open isn’t there is room down to the bus 35 look for 31 only bigger picture of course is that following through immediately following through a mediately but whatever that may be predictably still not Attracted to 2121 2317 and lower coming into play alright I’ll be looking at test resistance be at yesterday morning that’s right now 3:50 silver did not confirm yesterday Tuesday bond has another as potential to extend another point so long as the pullback woman holds that basically 150 04 little bit of weakness overnight not yet enough to undermine the Rileys momentum but this stage of the rally even is a corrective bounce weather affect the battery even if something more substantial this stage of the rally probably can’t tolerate a pullback limit test we had to that have held that have launched the next up like that’s pretty tired of his point crude oil did everything I could do short of signaling momentum reversing up did everything you could do to form a durable bottom yesterday the gap down or not is irrelevant once it is retested from above which it was during the noon hour after this bounce didn’t quite hit Tuesday’s range but it did hit higher prices at last week’s Island get back to fill that Gap closed back within the islands range if that back within Tuesday’s rink close positive didn’t trigger improved which standing back to back to always be preferable to fill that before alright