The First Trade & Pre-open Tour Recording… Not for lack of trying.

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…
Fed chair Yellen stole her own thunder by pre-releasing her embargoed opening remarks before Wednesday’s open. The 8-point surge greeted the open at 2435.50, and extended another 8 points through the first hour to attack 2443.00. Eventually adding another point in the afternoon was too late to gain traction, and reacted down 4 points into the 2441.00 close.

Overnight action’s new info…
Ranging narrowly sideways, centered around 2442.00. That’s where Europe’s opens were greeted, which triggered a surge that extended to fresh highs at 2446.50. The surge reacted down almost as abruptly, and soon entirely, back to 2442.00 which is being tested now.

If, then…
The attraction above at 2433.00 had room up to 2435.50 before becoming attracted to new highs above 2454.00. Wednesday’s open and rally above 2435.50 now puts into play new highs, so long as Thursday’s close is not back under 2433.00. These bullish parameters don’t preclude Thursday from backing-and-filling, so long as 2433.00 holds as support through the close. Even probing intraday under 2433.00 could recover to maintain the rally. Having said all that, the morning can extend the rally so long as the open were to maintain a gap up above yesterday’s highs. Having tried already overnight, we know there is potential for extending the rally this morning even without gapping up, but we would expect its reversal if not begun by gapping up… Be sure to listen to my comments on the Market Tour recording about trading Yellen’s Senate testimony.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2444.00 would be likely to trigger the 2442.00 bias-up signal at 10:15. Exiting the open under 2439.00 would be unlikely to trigger bias-up.

Phonetic dictation…
Alright good morning and welcome it’s Thursday it’s time for Thursday’s morning market tour so pretty good rally yesterday it was actually it was productive meeting that It produced some relevant developments on the chart it was the product of a couple things 1 is we were looking for fresh eyes anyway not the 2428 had to be tested and it already been to it was an attraction created Tuesday morning that Tuesday’s Raleigh stop short of got ambushed by the email dump but was eventually already tested within 3 tips which neutralizes the attraction so didn’t have to be tested it was going to be tested if sellers never regained control or until they did and I didn’t and that’s where at 8:30 at 2428 yelland surprised the market with a 90-minute premature dump of our own of ever opening remarks she was going to give at the house portion of our two-day Congressional testimony Senate is today surprise the market caught them off-guard which doesn’t mean anything it wasn’t going to do it may have different pattern different time and actually open at what would have been and extended chopped doing so actually tear out some resistance about doesn’t mean it’s going to be maintained in fact I will be looking for a failure of any morning rally if it doesn’t Begin by the opening 15 minutes maintaining a gap up above us a size there’s no requirements which was yesterday’s clothes even though they’re pulling back a little bit deeper now to change if the open if the open is already rallying even if it’s trying to get up up above yesterday’s highest we’re not going to take that with a hundred percent degree of certainty get out of the open maintaining a gap up above that goes a long way to be able to resume the rally today but otherwise be on guard for back any questions please on Tuesday or this morning Wednesday tender 4490 wood Target at least 4340 that is that what is now lower prioritize of the consolidation at the Lowe’s if not something deeper into that range is lighting a little bit but it hasn’t yet broken under 4490 and then natural gas which reported .