The First Trade & Pre-open Tour Recording… One inhibition after another.
Proper context can start the day with a solid win and make all the difference.
PROGRAMMING NOTE: The chaRTroom URL has changed. Please be sure to use the link below to access. Check the chaRTroom page for the latest link.
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’s rollover was greeted with an overnight probe above Wednesday’s late high to 2434.25. Reinstating by proxy Wednesday’s Pivot Reversal? No. Failing, again. The open tried again before dropping to 2425.00. Rallying into the noon hour to attack 2437.00 also failed, and also dropped back to 2425.50. A final bounce stopped short of being relevant at 2431.00-2432.00.
Overnight action’s new info…
Exit polling in reaction to Britain’s snap election triggered a gap down under Thursday’s lows to 2434.00. It began reversing up immediately, and soon recovered 2431.00-2432.00. Europe’s opens were greeted there, triggering a blip-up to attack 2436.00. But that quickly settled back down to 2431.00-2432.00.
If, then…
I had not expected Britain’s elections to be an intraday factor. If anything, it inhibited trending. But even last night’s volatility is no assurance of breaking free from the current 3-day range. And even last night’s complete recovery from gapping down is no assurance of avoiding the low’s retest. Yesterday’s sellers gained traction, but last night’s gap down spent no further time stewing in pessimism before behaving optimistically. And that optimism has failed multiple attempts to accomplish more than retracing the drop, despite all “unfinished business” attractions being above at 2438.00 and higher. Still not recovering to gap up would remain more vulnerable to extending down, next targeting 2419.25.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2428.00 would be unlikely to trigger the 2424.75 bias-down signal at 10:15. Exiting the open under 2428.00 would be unlikely to trigger the 2433.25 bias-up signal.
Phonetic dictation…
good morning alright good morning and welcome good morning and welcome it is Friday it’s time for Friday’s morning market tour so are we up labeled here just for everybody’s reminder that the front-month is sap the month that we’re tracking it up if you need that levels for June just let me know happy to make that calculation is changing a little bit so still in the range sort of Wednesday’s failed recovery the pivot reversal gapped up Thursday Wednesday thank you multiple very shallow but still that doesn’t change the opportunity to recover and the opportunity failed and failed several times yesterday the results considering the British and was looking at was trying to do that really what going to fulfill it that gap down maybe the deciding factor is or would be gapping up above yesterday’s highs several attempts at that have returned back to unchanged essentially so there’s no economical 4 coming out for you open that we might look forward to as a catalyst catalyst so if the decline word resume or let’s say this way if the rally has an extended the recovery overnight recovery has an extended the Gap up to resume the rally then there’s still an attraction to Fresh Lowe’s still some consequence to two Wednesdays pivot reversal having failed to fully form at Wednesday’s clothes or the multiple attempts to restart it by proxy having failed as well the consequence at some point is a complete reset a complete reset means back to the origin through it if necessary that is 24 1925 can we get to 2419 25 today on a Friday of all days like we are than not to be able to make that happen again that’s we’re going to be playing defense marketing and that has henna Niro and sympathy little bit lower overnight 30 tested the basically the 11111 objective that the prior low you can’t see that but overnight at did also the top be better gold dump yesterday Gold’s dump yesterday the Post open dump maybe even the free open dump did that have some Advanced info or or maybe just some smart maneuvering that helps in the end siphon off negative reaction possibly I mean there’s no real follow through overnight there’s a retest of yesterday’s low which is actually in that pattern it’s not necessarily bullish but it is constructive to a bullish pattern it can even be tested yesterday’s low down to 6950 just need to stay away or avoid breaking under 6950 and I’ll lower the Buy Signal silver similarly head broken lower yesterday Post open Hill or went out testing lower prioritize not going to get away that easily in fact it is proving lower overnight but basically closing back of up 1745 closing back above 1745 should put back in the play should put back into place 1790 Long Pond pull back to the support of what it been the Rally’s Target originally that was sliced through that just couldn’t get any momentum going above it it’s a good opportunity for corrective bounce back up to 154 1854 24 if this is going to be a bigger drop that was in the day we spent yesterday and in fact 154 26th and then resolving down or trying to be a little more helpful if that work done today as opposed to overnight but any clothes back under 150 329 would be credible for guard list of its duration or extension producing a fresh drop and we could get to lower Pryor High as easily in the 15220 or you but again I really prefer bouncing again for not being able to is triggered above the 309 basically the same high that was the intraday High Wednesday soba 309 but of course subject to Horn eating confirmation from a second consecutive are closed as well I just seen that not be today because confirmation after weekend is Waterdown alright okay so Gap up today and maintain it which hasn’t been the pattern the strength has been but not maintaining it get break that pattern by maintaining opening strength or any probe of a prior and buyers get every benefit of the doubt for extending hi are we could see new highs and I don’t know that a new High clothes but new High clothes on a Friday would in French the rally especially after a week like this otherwise the vulnerability is to the downside 24 1925 any questions please post on the chart room where I’ll see you before the open and good luck today don’t forget we’ve got Saturday review tomorrow good luck today.