The First Trade & Pre-open Tour Recording… Overnight drift.

Proper context can start the day with a solid win and make all the difference.
NEW! Market Tour transcript included at the end of this post…

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…
Tuesday’s gap up to test 2388.00 wasted little time before reversing down, plunging to test 2382.00. Bouncing back up to touch 2388.00 wasted a lot of time while reversing back down to barely attack 2382.00. Yet another bounce barely attacked 2388.00. The series of lower highs interrupted by a higher low formed a Symmetrical Triangle, and the close dipped down to its apex. The morning’s bias left outstanding “unfinished business above” at 2391.00.

Overnight action’s new info…
Tuesday’s last dip immediately extended into the Globex open, piercing Tuesday afternoon’s last low to attack 2382.00 more closely. Quickly bouncing to 2385.00 eventually started resolving back down, to fresh lows at 2381.00.

If, then…
Despite already probing yesterday’s range, today faces the same global liquidity constraints that inhibited trending yesterday. Trending can be attempted, but it’s unlikely to get very far, for very long, without being retraced very much. Post-close AAPL earnings also constrained trending yesterday, as much as the actual earnings are enabling it overnight. Closing again under 2388.00 had kept the door open to at least probing fresh lows. It can still extend down to unfinished business below at 2377.52, and probably also to 2374.00 or 2371.50. All in the name of satisfying selling pressure reflected by yesterday’s Symmetrical Triangle, stretching the rubber band so the rally can resume.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2381.00 would be likely to trigger the 2383.50 bias-down signal at 10:15. Exiting the open above 2386.00 would be unlikely to trigger bias-down.

Phonetic dictation…
[NEW! Unreviewed voice-to-text real-time dictation of the Market Tour recording. Again, not reviewed or edited in any way, which can be equally confusing and humorous.] Alright good morning and welcome it’s Wednesday it’s time for Wednesday’s Morning Market or you know yesterday this session was constrained every week we had no shortage of legs and velocity or momentum more sentiment among those legs plunging at the open the resulting no bias even though holding the buy a stamp signal did put into play at all saying test of the bicep signal that throughout the morning was influential only to prevent extending down when the bias environment sort of thing in the morning another trend none of these very long lasting maybe the trend back down into the afternoon could be considered was longest lasting longer lasting in fact by the time but it wasn’t big trends and ultimately the session formed symmetrical triangle alternating the touches of resistance and support we don’t use this because we have to alternate the touches of the downtrending resistance of trending support touches it actually comes in here in here because this is when they cash that should open or closed and Globex open to probe under that up trying to support so big triangle pattern that often breaks falsely and One Direction reversal in the opposite direction why did yesterday I was just found we talk during the Saturday review the global constraints so many International Exchange is being closed some rolling closings due to holidays this week of the things you could have a lunch but that doesn’t prevent so much as a patient reports also in the afternoon it was going to get out of the Rings were coming and as I mentioned going into the early afternoon but very late that’s not 7471 and there’s a lower Pryor High in here that would be tested so different shade of the same the same influence of the same kind of session that we had yesterday but it was rained out Range found instead today that influence would be trying to Trend but not succeeding but still getting some size of a legs because the market does still have some opinion to express all right it’s morning but it’s afternoon basically 8275 if that is held through the open to the oven in 15 minutes of volatility just threw the open through any relevant time window that really undermines sellers at that point recovering would be a different story it’s not that we don’t have any shortage of news items never this is employment situation week and so we’ve got a teepee we also have a FMC policy statement coming this afternoon more reason for inhibiting trending and head of a head of that and potentially the reaction to the earnings is what drives either the last nail in the coffin or I shouldn’t put it that way that looks a bit a stake through the heart anyway bald head of the relevant levels that could get the rest of the rest of the way there and have that rubber band stretch the same as extending and that’s more the way to the okay gold which is extending back down into this Apex natural support reacted to it not terribly is that breaks lower than we do have a slide it coming back down into the 12 28 12 35 area but closing about 1259 can avoid that and by the way I can also produce a retest of the highs silvermine meanwhile in this up down crash set up sitting at support still sitting at support piercing in a little bit overnight having pierced it overnight in fact in this pattern support proving it and trying to put a producer Presley and in the context of the up/down crash if this isn’t bouncing this isn’t surgeon this morning this is very vulnerable at that point to suddenly going exponential capitulating plunging collapsing long blonde since touching its pull that Target has been bouncing it took out it’s bouncing that yesterday and second consecutive are closed today would confirm that the decline has ended crude oil as of last week was already giving the bottom and pattern some headaches here yesterday really blew it out of the water I would still take seriously it close above 4930 50001 otherwise its resistance and the I can’t say so much the trend is down as a maybe the most bullish scenario is that another bottoming pattern tries forming from these wrestlers and by the way I report for crude oil today tomorrow for natural gas which is coming out of his head and shoulders pattern formed on the bounce with unfinished business full of alright any questions and please or I will see you before the open good luck today