The First Trade & Pre-open Tour Recording… No follow-through.
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…
The second act to Tuesday’s 39-point plunge was Wednesday’s 13-point drop into and out of the open. But they didn’t prevent testing the morning’s 2794.50 bias-up signal in time to invoke the grace period. It didn’t trigger, but that didn’t rallying anyway. And rallying, through the morning and afternoon. Tuesday’s 2800.75 open was retested and Tuesday’s high was pierced by 1 point up to 2809.50. Reacting down into the close was the first pullback since the open, and it still fulfilled the only other unfinished business above of a new trend extreme close. Passively bearish WedEX triggered, and the morning’s no-bias trending left unfinished business below at 2772.50.
Overnight action’s new info…
Choppy ranging has neither resumed yesterday’s rally, nor rejected it. Wednesday’s late reaction down was retraced to test and retest what is this morning’s 2807.50 bias-up signal. Fresh lows tested and retested 2800.00, but now 2807.50 is being tested again.
If, then…
Was yesterday’s rally all noise? It was an “inside day” that covered no new ground. Except for its brief, highest point, the entire session unfolded within Tuesday’s range. Attractions above were neutralized without putting into play higher objectives. Only the new trend high close is suspicious since it was under prior intraday highs, but that can be completed by probing fresh highs today — regardless of being maintained through the close. One of the three econ reports scheduled at 8:30 could trigger a surge that gaps up, which would alter yesterday’s WedEX signal. Without already extending yesterday’s late reaction down, fresh highs are likely, and they’re increasingly vulnerable to reacting down even more deeply.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2808.50 would be likely to trigger the 2707.50 bias-up signal at 10:15. Exiting the open under 2803.50 would be unlikely to trigger bias-up.