The First Trade & Pre-open Tour Recording… Not climbing out of it.

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…
Thursday morning’s recovery from 2339.75 up to 2356.00 included no-bias trending. Only required to retrace 2350.50, dropping into the close was testing 2339.75. Overbought RSIs were left outstanding at the high’s errant tick.

Overnight action’s new info…
Initially rallying to 2349.50 retraced 61.8% of the drop from Thuirsday morning’s highs. Trending down since then has eventually reached 2341.00, essentially unchanged from yesterday’s close, and attacking yesterday’s 2339.75 lows.

If, then…
8-9 points up and then 8-9 points back down. Gapping up this morning just 3 points above the overnight high could have reversed the decline. A lot of buying pressure was expended to try getting there, and none of the ground that was recovered has been maintained. Now the open is probably too close for another bounce to offer that potential. But there’s just enough time to greet the open gapping down. Regardless, the failed Ascending Triangle that I described yesterday already suggests resolving sharply lower to 2331.00 or 2327.00, if not also to 2317.00. Only triggering bias-up would suggest otherwise.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2348.75 would be likely to trigger the 2346.75 bias-up signal at 10:15. Exiting the open under 2343.75 would be unlikely to trigger bias-up.