The First Trade & Pre-open Tour Recording… Momentum at the trough.

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…
After having trended down into Thursday’s close, Friday’s open was greeted by gapping up above Thursday afternoon’s 2664.00 bias environment high. This forms a “session-long rally” setup, which extended higher throughout the day. “Unfinished business above” at 2677.75 was neutralized on the way to 2682.75. The position-squaring window dropped 8 points to probe under the afternoon bias environment’s 2677.25 low, fulfilling the bearish WedEX’s influence, barely. Surging into expiration’s settlement recovered back to session highs.

Overnight action’s new info…
It’s being attributed to anticipation that tomorrow’s tax reform vote will pass, which of course isn’t exactly fresh news. Whatever its catalyst, Sunday night’s open surged to new highs attacking 2686.00, 12 points above Friday’s late dip low. Extending higher relentlessly is still printing fresh highs, now attacking 2693.00. This is a “new Globex trend extreme” that would require intraday retest, eventually, but often done the same day.

If, then…
Friday’s late buying pressure gained no traction for the effort. Gapping to a fresh extreme can compensate by proxy, but that’s if the gap up is maintained. This morning’s open will face two headwinds. The first being a bearish WedEX, which made a brief, minimally sufficient appearance Friday afternoon against the momentum of an otherwise dominant session-long rally. WedEX’s next influence is Monday morning, which is currently being fattened up for the kill. The other headwind is new: relentless overnight trending is vulnerable to reversing at the open, more so on Mondays. Not quite likely, but vulnerable. Thanks to the overnight rally, there’s now plenty of room to expend selling pressure all morning without reversing the uptrend — perhaps also while remaining postured for fulfilling the new trend extreme close that Friday’s close all but requires. Not in the category of headwinds, but also to consider, is the overnight rally’s potentially excessive optimism, which can be bearish from a contrarian perspective. A sideways glance from Marco Rubio could be the prick that pops the balloon, again. But if sellers aren’t obviously in control coming out of the open, then the squeeze could accelerate exponentially.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2687.25 would be likely also to exceed the 2684.50 bias-up target through 10:15 to renew the bias-up signal, next targeting 2695.00 and 2699.75.

Phonetic dictation…
good morning and welcome it is Monday it’s time for Monday’s Morning Market to our this is a complete week even though Friday is all but a truncated session it doesn’t close any earlier but it will thin out from travel so with that seasonal bullishness just ahead if the markets going to put in any any kind of a decisive or substantial deep kind of pulled back it’s going to have to start not nominally to new highs and it has done so despite one and now to have one of those is the specialized applications one is Friday afternoon and one is Monday morning not before Friday afternoon Friday morning not before or at night after Friday afternoon until Monday morning that is Sunday night is it relevant to the wet X which is a bearish indicator in this case which can’t be inverted it can only be invalidated it was influentialis the high print of the opening 15 minutes until that succeeded by another a higher print that’s going to be vulnerable to reversing it’s and can be as bearish to expend all available buying pressure or could spend relentlessly buying pressure through the entirety of the opening 15 minutes as bearish as not maintaining a higher high but as long as they have it in 15 minutes so longgold which is held 12:55 pull back both Thursday and back hopefully one as well and then Friday is trying to exploit that overnight silver as well which held 1585 and closed basically at around 1605 on Friday trying to exploit that Longmont not much with in order to maintainHenry’s near term hey I’m in the year did not confirm a close up of 8888 still doesn’t get any kind of benefit of the doubt for having reverse the trend without cuz you love 8920 and then the Bitcoin futures so I still don’t have from qcharts the over night they’re having some issues and this is with CME now starting to trade but you can see our Buy Signal our bar setup for long entry on closing above 16/8 was basically basically LeapFrog over its Target targets

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