The First Trade & Pre-open Tour Recording… The pattern persists.
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…
The holiday weekend’s 15-17 point rally to 2803.50 had cooled off enough to attract aggressive retail sponsorship through Tuesday’s 2801.00 open. Surging to 2808.50 satisfied that. It also stretched the rubber band to snap back down into the morning’s bias environment. Being a doubly-renewed bias-up didn’t prevent trending down to test the morning’s 2792.25 bias-up signal as support. The downtrending persisted through the afternoon which plunged further down to 2769.50 — down 39 points from high to low. Probing under Friday’s 2785.00 “lower prior highs” was maintained through the close to gain traction.
Overnight action’s new info…
Yesterday afternoon had ended ranging between 2777.75 and 2783.75. Flat-to-higher ranging overnight chipped away at 2783.75, surging somewhat into Europe’s opens, Extending to 2793.00 is now touching yesterday afternoon’s bias environment high.
If, then…
“Unfinished business above” at Monday’s 2801.00 open should be retested before any durable decline. A new trend high close is still outstanding. The overnight rally indicates a gap up which is this morning’s only opportunity to rally, but the gap must be maintained through the open. Reversing the gap up could still extend down to retest oversold RSIs at Tuesday’s 2769.25 low, with potential to lower prior highs at 2760.00 and 2750.00. This being expiration week, WedEX will trigger at the close and be predictive of bias into and out of the weekend. Or, will it? Among the signal’s bells & whistles, the most relevant is a test of a prior high or low — which is not at all assured today.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2789.00 would be likely to trigger the 2787.50 bias-up signal at 10:15. Exiting the open above 2797.00 would be likely also to exceed the 2794.50 bias-up target at 10:15 to renew the bias-up signal.