The First Trade & Pre-open Tour Recording… Last bite at this apple.
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…
Thursday’s open back within Wednesday’s range had isolated the probe under Wednesday’s lows to the overnight. This Isolation setup was completed when the opening 15 minutes of volatility had maintained the recovery and also trended up. Its 12-13 point surge to 2723.00 reacted down to 2708.00 and still managed another upleg to fresh highs that touched 2731.00 at noon. Then the three-day old pattern of rejecting early strength resurfaced. The balance of the afternoon trended back down, probing under the morning’s lows down to 2696.50. But that was still within Wednesday’s range to avoid invalidating the Isolation setup, albeit barely. Closing action bounced to close 2-4 points above the critical 2701.50 level that still allows this week’s decline to be considered a pullback from last Friday’s high.
Overnight action’s new info…
Thursday’s late bounce didn’t delay extending higher through the Globex open. Its first consolidation developed from just under 2715.00, and extended to attack 2728.00. Europe’s opens were greeted several points lower, on the way down to 2713.00, which has since bounced more than 10 points to attack 2724.00.
If, then…
The Isolation setup remained in-play yesterday by Wednesday’s lows holding as support. The fourth consecutive afternoon rejection of early strength failed to end in negative territory, also keeping the door open to reversing the recent trend. Of course, not recovering Wednesday morning’s 2716.00 low wasn’t optimal, but gapping up today could cure that by proxy. Last night’s bounce could be the beginning of the next upleg if it’s maintained above relevant resistance through the open — preferably above Thursday afternoon’s 2720.00 bias environment high or even Thursday’s 2731.00 noon high. And now having rallied overnight, a post-open rally would be doubly bullish for not attracting sellers and for still ignoring the four-day pattern of early rallies being rejected. Which necessarily means that not extending higher through the open could be doubly bearish. Fresh lows may be only a formality. More so, fresh lows would all but destroy the temporary pullback’s limited measurement. Friday Factors are likely to leverage either setup, whether to squeeze a post-open rally into a bigger recovery, or to help post-open sellers break through prior lows.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2720.00 after touching it post-open would be unlikely to exceed the 2721.00 bias-up signal through 10:15 or to renew the bias-up signal. Exiting the open above 2715.00 would be likely at least to trigger the 2712.00 bias-up signal at 10:15.