The First Trade & Pre-open Tour Recording… Personality switch, again.
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’s session added to the week’s collection of multiple personalities. The pattern was already forming Tuesday, which had gapped up sharply to new highs and plunged sharply intraday. All of which Wednesday’s session-long rally had retraced into its final hour. Naturally, Thursday would be vulnerable to digesting the volatility, ranging choppily through the close. A flat-to-lower sentiment was inspired at first by not gapping up, and reinforced by the relentless series of dueling headlines ahead of a possible government shutdown. Price action was sloppy, but otherwise behaved appropriately at relevant levels during relevant windows.
Overnight action’s new info…
Intraday sentiment remained unchanged initially. Thursday night’s low fulfilled the potential down to Wednesdays “lower prior highs” at 2792-2793, which Thursday morning’s no-bias trending had barely attacked to within 1-2 points. Firming into Europe’s opens quickly became a rally that is attacking yesterdays highs to within 2 points at 2806.00.
If, then…
Although not required, Thursday’s flat-to-lower choppiness did not affect the potential for a probe of new highs. Last night’s probe under intraday lows and then its significant recovery make a probe of new highs even likelier. Actually requiring new highs still wouldn’t diminish the vulnerability of rejecting new highs intraday and trending down into the close. The afternoon’s bearish WedEX influence doesn’t impede new highs during the morning, but should erase them by the close.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2807.50 would be likely to trigger the 2805.00 bias-up signal at 10:15. Exiting the open under 2801.00 would be unlikely to trigger bias-up.