The First Trade & Pre-open Tour Recording… Last chance for gas.
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…
Tuesday gapped down and probed fresh pullback lows at 2366.25. Holding the bias-down signal after the grace period put into play an offsetting test of the morning’s 2377.50 bias-up signal. A surge came within 3 points (not ticks) at 2374.75 before peaking, then retracing almost all of the recovery, leaving “unfinished business above.” And that was only the morning’s bias environment. Ranging sideways back up to 2372.00 almost lasted the balance of the afternoon. But the last half-hour slid briefly to test the next lower objective at 2364.00-2365.00..
Overnight action’s new info…
Despite bouncing into the close, Tuesday’s late break resumed steadily until touching the next lower objective at 2359.50. Ranging sideways formed a Symmetrical Triangle to greet Europe’s opens, which triggered a breakout that was retraced back to unchanged at 2367.50.
If, then…
Each session’s lower low reflects sellers expending more energy. So, the question is whether they’re gaining traction for the effort. Is this a temporary correction that will at least retest the highs, or is the trend reversing down. The last two sessions have closed back up within the prior session’s range, albeit closing negative. Obviously, that’s not a buy signal, as probing fresh lows continues. The “lower prior highs” being tested this week can launch a rally leg. But the window isn’t open indefinitely, and not yet exploiting the retracement can suddenly attract new sponsorship. Having probed under yesterday’s lows to a relevant level, isolating that to the overnight would be credible for launching a multi-session recovery. Otherwise, the trend may be reversing down.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2362.25 would be likely to trigger the 2363.75 bias-down signal at 10:15. Exiting the open above 2368.25 would be unlikely to trigger bias-down. Exiting the open above 2372.00 would be likely to trigger the 2370.75 bias-up signal.