The First Trade & Pre-open Tour Recording… Overnight drift, and Bitcoin.
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…
Thursday night’s widening swings around 2737.50 had greeted Friday’s expiration open on a downswing to 2722.25. One more upswing persisted into the noon hour and extended up to 2754.75, fulfilling the rally’s next 2753.00-2757.00 objective. Yet another downswing fell to 2726.00 and the balance of Friday afternoon narrowed its range around 2737.50. This enabled the afternoon’s bullish WedEX to be considered only nominally influential, if dismissing the final 3 minutes.
Overnight action’s new info…
Sunday night initially firmed to attack 2748.00. Reversing down extended through the night and into Monday’s holiday morning to 2719.50 before recovering to 2733.00 into the early close. Firming another 2 points into last night’s open briefly tested 2735.00 before returning back into a range contained above Monday morning’s lows. A downleg underway into Europe’s opens has broken to fresh lows at 2709.00, now consolidating in a wide range back up to yesterday morning’s 2719.50 low… Bitcoin meanwhile has all but ignored my 10,225-10,500 target for launching a corrective downleg. The area held initially, but was exceeded by $1,000. Its reaction down used my target area as support to consolidate the pullback, which has resolved up to fresh highs testing 11,600.
If, then…
The open is indicated to gap down. WedEX influences regular trading hours behavior, so gapping down is irrelevant. Friday afternoon’s bias environment didn’t trend down, and it ultimately absorbed dips. This behavior barely qualifies as remaining vulnerable to rallying sharply at the next regular open. But it qualifies. That said, even the most obvious influence on Friday still would require evidence coming out of Monday’s open. Initial strength would get every benefit of the doubt for extending through the morning. Otherwise, the morning would be free to trend down with potential to 2701.00.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2717.00 would be unlikely to recover the 2722.00 bias-down target through 10:15, renewing the bias-down signal. Exiting the open under 2725.50 would be likely at least to trigger the 2729.75 bias-down signal at 10:15.