The First Trade & Pre-open Tour Recording… Only noise within the range?

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…
Wednesday morning’s rally this week’s first. The open had held a test of the bias-down signal down to 2389.25 before rallying up to 2395.75. The afternoon ranged flat-to-higher up to 2397.00, fulfilling the morning’s bias objective. Opportunities to reverse momentum down under 2393.50 were only touched and not exploited. An opportunity to rally out of the afternoon bias environment was also not exploited.

Overnight action’s new info…
Price action has only slid since Thursday’s close. It was at first shallow, greeting Europe’s opens back down to yesterday afternoon’s 2393.50 lows. The reaction was immediate but shallow. It has gradually become more substantial and now 2391.00 is being tested as support.

If, then…
Thursday morning’s shallow rally reflected restrained optimism, and hovering under resistance through the afternoon reflected ineffectual pessimism. Both are potentially bullish from a contrarian perspective. Releasing this bullishness to launch an upleg would target new highs. Trending higher overnight would have been self-fulfilling, which hasn’t been the case, but single-minded relentless overnight trending can be reversed if done almost immediately at the open. Regardless, 2391.00 should hold its test as support, if not already recovering the overnight pullback before the open to isolate it to the overnight. Triggering bias-down would all but ensure a deeper pullback underway.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2391.00 would be likely also to trigger the 2391.75 bias-down signal at 10:15. Exiting the open above 2394.25 would be unlikely to trigger bias-down.

Phonetic dictation…
hi good morning and welcome it’s Thursday it’s time to Thursday’s Morning Market or this is going to be rather quick because there is but one of two options here remember that yesterday morning’s rally the first one of the week not that prior mornings weren’t created optimistically by the from rallying Friday even though Sunday night had reacted down from I need your flip up on the French election results the balance of the morning trended down Wednesday or Tuesday that is rallying overnight to a fresh Heim back to Friday sat through Fridays High stopping pessimistically should have Sunday night time when did down to the morning and through the afternoon for that matter yesterday morning Riley after holding a test dipping down at the open or overnight that is but that isn’t really reflected in the intraday holding a test of the bus down signal the balance of the morning rally down to the afternoon flat to hire mostly flat just tie it up to neutralize the upside attraction that have been put in the play so kind of a combination of ineffectual pessimism restrained optimism but having fulfilled the 97th instead of extending higher or leaving an outstanding it is it became & Company on the overnight to keep that momentum going the overnight didn’t keep that momentum going we overnighted has reacted down and how deep of a reaction down is allowable in this range to still enable the morning if not the open to keep that upside momentum going this is Jake 2391 the bias down signal itself is 9175 so that’s fine this is still within the context of permissible noise or constructive pull back to hold the test and 91 to avoid triggering bias down to hold a test of the voice down to go put into play at all saying testing to buy stuff that’s constructive but it has to be done quickly and other words to buy ass down can’t be tolerated to trigger sugaring by ass down at this stage having tested these Lowe’s for this lower end of the range basically being 23 1991 at this stage probing under it runs the risk of ending at the lower end below the lower end of the price range that could stand in like 2375 event so is going to be proved constructive to a recovery to resuming repeating extending is the mornings rally which would Target new has no interim resistance if it’s going to get that done then overnight it needs to be brief needs to be isolated to the overnight if it’s already in recovery mode 50 if that’s fine too but in any case the longer that price doesn’t have his overnight doesn’t recover past the open the less likely that it does and the more likely as an alternative it’s not always a binary choice but in this case it probably is the alternative to recovering through the open is the trend down too much deeper pull back single-minded Relentless one-way overnight trending often does reverse almost immediately at the open so it is possible to take seriously and mediate be open if it hasn’t already started developing pretty open so it if it hasn’t I’ll be pretty quick to get well I don’t know how much under 9350 but hopefully under 9350 is not about an eye for 25 as far as the downside it’s under no timing requirement to be immediate just remaining Under Pressure delaying a recovering that in itself becomes bears but still under 2390 I probably wouldn’t hesitate getting short at that time whatever time that is all right as far as news this morning you know we just had to be you can barely see and price action BOA just announced at 7 a.m. unchanged to policy statement not a non-event no effect look at the pound in the moment as far as other economic reports to others really jobless claims at 8:30 along with the PPI jobless claims doesn’t have a track record recently not even recently it’s been awhile influence in price and it did last week so we’re going to keep an eye on that but we would be any way at 8:30 because of the PPI which does have a really reliable track we could have influenced infraction any reaction to reopen reports tends to be duplicated in reaction to Post open reports there just aren’t any Bloomberg consumer comfort index Bloomberg is irrelevant and then 1030 auction which could be years no need for it but which reached its corrective bounce Target yesterday has potential to extend higher two or had potential estate of 48 next are objectives someone’s 4720 Hilda support would be 4845 overnight will happen overnight rallying to 4848 15 is certainly keeping alive that pattern that potential the 4845 and a potential for better bottom although this Gap outstanding now to Tuesday’s close will want to be filled finally natural gas report sort of from a position of strength having recovered or extended I should say Tuesday’s Raleigh to probe franchise but notice his clothes settled at resistance so it’s not quite the position of strength that would have been to have maintained a break above his prize for yesterday’s clothes so whichever whatever reaction there is to the news it does have potential if that’s not rejected it is today really isn’t rejected today then it’s next time Jake to his suite 42345 and then otherwise unfinished business question the trim and I will be there see you there be checking in but see you there before the open right everyone good luck today .