The First Trade & Pre-open Tour Recording… Hovering high.

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 pre-open recovery attacked Friday’s 2555.50 highs. Monday’s post-open surge probed fresh highs up to 2557.75, fulfilling the two remaining “unfinished business above.” The ongoing pattern of collapsing within minutes of an otherwise enthusiastic start was repeated by a plunge to 2552.00 that narrowly prevented triggering bias-up. But probing only slightly lower down to 2550.75 during the noon hour was all that sellers could produce. Ultimately, their own hesitation was exploited by the afternoon recovery attacking Friday’s 2555.50 highs.

Overnight action’s new info…
Choppy ranging has been relatively narrow between 2554.25-2557.00. That’s it, quite uneventful

If, then…
How will today’s session exploit the ongoing range’s ineffectual selling? Probing a little higher intraday has been the default. Eventually that pattern forms “coiling” which suddenly explodes higher. This pattern resembles coiling to some degree, but I don’t think that’s yet the greatest likelihood. So, if it’s premature for a surge to extend, then a surge would likely resolve down. Meanwhile, there’s no requirement for another post-open collapse to recover, as there’s been no requirement for any of the current range’s collapses to recover. But they have continued to recover — perhaps collapsing without first surging would break that pattern of recovery. Regardless, the range has become stretched in its duration, so kinks in the pattern should start to appear. Initial strength may be likelier to extend higher intraday, and a collapse may not need to wait for an opening surge.

First Trade…
[Click here to view the Bias parameters] Not much preliminary indication today due to the narrow overnight range: Exiting the open at 9:45 under 2556.00 would be unlikely to trigger the 2558.50 bias-up signal at 10:15.

Phonetic dictation…
good morning welcome it is Tuesday at Stanford Tuesday’s Morning Market to her what a Range Rover not there is no Range Rover night I think it’s safe to say it’s just noise overnight it happens to have dipped bounce dip downstep that’s about as well as there’s really no there’s no discernible pattern it sat there is no relevant price action whatsoever other than the application that having ranged nearly overnight in this particular spot which is at the hot Friday’s High 2555 50 and keep in mind we continually upgrade a prior session size and sort of a stealth rally it’s not very steep there’s there’s a upward slope for sure but Friday’s High’s 2555 50 which is you don’t see a future in fact equated to 5554 75 yesterday’s open 5475 55 yesterday while fluctuating around the prior sessions High inclusive of multiple prior session size where did arrange albeit one that continually pokes its head slightly higher and higher eventually that gradually probing higher and higher a stealth rally so to speak or decline if we were doing with the downtrend but all of this internal internal to the range upward bias becomes coiling that resolves by almost literally exploding higher I don’t think this is coiling I’m not viewing this is coiling that’s not to say that this pattern can’t explode higher it’s just say that if this pattern does explode higher it’s not coming from coiling they were the origin is not cooling and so that explosion higher probably wouldn’t be durable no that’s not to say like these explosions hire at the opens that we’ve been selling into or the X the closes the higher closes that have been gabbing down same in principle the same sort of collapse as the Post open collapses all the way through yesterday probably can fresh I Collapse for the first time actually on Thursday in this range test the high collapse so I don’t think it’s so without even knowing which way it’s going to resolve next we just can start suspecting nothing Asher Dov yet not relying on this but suspecting that it will resolve differently than it has been so if it’s up it’s likely to be a surge it’s likely to begin early and rather than collapse it’s likely to extend so taking a different tactic today or strategy I suppose I would be more trusting of initial strength extending through the morning if not through the day to some degree before being vulnerable to coming back into the range if not back through itand I’m seeing some is a lot of earnings out obviously wearing that cordially. Very good earnings allegedly surprises above estimates in a high-profile and influential companies like Goldman just out on the tape there a surprise upside surprise Johnson Johnson upside surprise Morgan Stanley upside surprise Top Line and bottom I don’t know how it got there on the bottom but not seeing much of a reaction here and the overnight so for that reason it’s not that we become more suspicious if Post open there is a surge because there’s not much reaction here overnight if Post open Action does search will give you the benefit of the doubt that this has had it wrong the overnight has had it wrong and they crowd is right by the same token rather than waiting for a surge before and to spending a collapse before anticipating that initial weakness will collapse we will trust I will trust that initial weakness is trying to collapse and capable of it perhaps his bringing us back down to the support or under it and recover it perhaps shaking the ongoing pattern of holding up trending support or holding some relevant level and Recovery in any case however that claps might resolve if there is an issue a weakness it would be more credible today that it has been for extending down that initial weakness from or a weakness that is from probing higher first but initial weakness collapse without bothering to Pro buyer again overnight near arranging probably has it wrong once we get past the open we get past the pre open earnings as well until this afternoon when we have posted on the market yesterday but Netflix already came out as suspected it was greeted from a position of strength suspected with Netflix. Just almost like clockwork get some negative reaction in there before recovering as far as other markets Euro which I had potential for stretching it’s correct correct anticipating a 1760 at some point and a substantial break at that because of the delay I’m going to actually break actually intervention to being able to extend that yesterday’s session didn’t argue with but still needs to close back on the 118 30 overnight action is trying to get that done but that is the challenge for the euro based on a 3 week old patterns still owes us one new low clothes that this Bounce has therefore presumably been ignoring or delaying that is all these probes have higher highs have been feeling again there’s any arguing anymore with the potential for so 89 by the same token if yesterday’s reaction doesn’t get that going I don’t think anything will be out of the woods and then we’ll look at that again but that was tested but not triggered still reacting down react so there is something beneficial to bottomingthat’s been done by avoiding this bicycle bicycle but I can’t little bicycle yeteven though this cell signal that triggered at 1:35 135 tamwood 3515 was so productive than fulfilled both expected targets the bounce since then had left outstanding a gap back to the low clothes that needs to be filled so we’ve assumed this is just been a big corrective bounce temporary correction whatever the whatever the eventual objective is to just fill this Gap to the low to form a more durable bottom or to resume the decline in either case needing to return to 130 10 so we’ll see if that’s what’s under way here’s some turmoil going on in the brexit what exit is not a hundred percent guaranteed and then see which is trying to get a pull back in here I’m going to give this credibility that that Thursday or Friday search did complete a bottom but just needs to pull back needs to cool down a little bit more that’s just the ones just at 7825 or 7815 7810 but in any case this isn’t necessarily drawn to scale in time so at any point in this pull-back now that there’s been some reaction down as was expected yesterday there’s potential to recover gold and silver both yesterday had failed to confirm or failed to confirm that is Friday a runaway rally but the only reaction was in reaction of gold and silver you can see that on Friday morning now silver silver has been outperforming all the way up silver hasn’t really left as much or as detrimental but still under 1730 1720 this range would still indicate a bigger correction underway still nothing has changed from last Friday or silver and gold silver is breaking under 1732 least test 1711 gold is breaking under 13 basically 1331 initial objective back down to 1288 pull back Target from the employment situation has nothing else to prove it was perhaps a little shallow twice but still willing to give it a crude oil also turn the corner it’s minimum objective to fill the Gap back to Natural Gas which Sunday night really compensated for but here’s the problemandI got in that range to stop optimistically sort of really giving it a good test before firming intraday yesterday before bouncing overnight all the way back up to 29093 so this whole pattern is had a hold of Klein really is that a pattern of stopping short of its objective below before bouncing so we’re about to open indicated open at least back up at the Gap to Friday’s close natural resistance how to give that a benefit of the doubt that it is going to react down I wouldn’t leave that without any stop to the upside then there’s room to more thoroughly test 304 that would be my stop basically and he can’t even go as far as interpreting the pattern and Fridays High what did validate this reversal reversal down as a big payoff potential to probe under under yesterday’s low if not all the way back down into 82 any questions and if their development good luck today.