The First Trade & Pre-open Tour Recording… Late-bloomer?

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…
Wednesday’s open was greeted above Tuesday’s 2635.00-2638.50 lows. That might seem uneventful, except for the overnight event of having slid well below Tuesday’s range to 2626.00. The probe under Tuesday’s range was isolated to the overnight night, which likely marginalized sellers for the day (it did) and created potential for trending up (it didn’t). Day-two of Zuckerberg’s testimony provided distraction, and the afternoon’s impending FOMC Minutes provided anxiousness. Distraction and anxiousness combined to keep Wednesday range bound essentially within 2640.00-2662.00 for a second consecutive session. A late dip held a retest of the morning’s 2640.00 low, avoiding a much deeper meltdown.

Overnight action’s new info…
The first reaction to Wednesday’s late dip firmed up to 2651.75, barely attacking yesterday afternoon’s 2655.00 bias environment high. That was gradually retraced entirely, into and out of Europe’s opens, back down to 2640.00. Sitting on the precipice didn’t last long as its reaction quickly recovered, to and through the overnight high to probe yesterday afternoon’s 2655.00 bias environment high up to 2656.50.

If, then…
Retesting Tuesday night’s dip to 2626.00 was likely unless Globex rallied overnight to gap up Thursday. Globex is rallying, just in time to still be considered overnight. But it’s only now encountering its first resistance test, so it’s too soon to be reliable. Resistance being tested is yesterday afternoon’s 2655.00 bias environment high, and having trended down into yesterday’s close, gapping up above 2655.00 could form a “session-long rally” setup. Holding a test of 2655.00 could be as bearish as its recovery would have been bullish. So, forming the session-long rally setup without triggering it would likely target an intraday drop to Tuesday night’s 2626.00 low and lower. Otherwise, rallying could be limited to 2672.00 or else extend to 2715.00-2722.00.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2655.00 would be likely to trigger the
2650.50 bias-up signal at 10:15. Exiting the open under 2647.75 would be unlikely to trigger bias-up.