The First Trade & Pre-open Tour Recording… Plot twist?
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 gap up held the lower-end of the 2688.00-2692.50 resistance buffer. Gapping up above its upper-end would have been likely to rally, if not the only path to a rally. Holding the lower-end’s test instead reacted down sharply to 2683.50 through the open. An offsetting test of the bias-down signal 2 points lower was left outstanding as the balance of the session fluctuated narrowly at its lows. The balance of the session, until its final minutes surged to attack 2688.00.
Overnight action’s new info…
Firming through the Globex open recovered to 2688.00. Its resistance held until Europe’s opens were approaching. A blip-up to 2689.50 was retraced to test 2688.00, now support, which reversed up sharply to probe above 2692.50 by 3 ticks. Its reaction down probed under 2692.50 by 3 ticks and reversed up sharply, too. Now probing the 2696.25 prior high by 2 points.
If, then…
The names, dates, and places have changed. But, so far, it’s the same story: Overnight rally into resistance. The question is whether it will avoid the same ending of reacting down through the morning. The bullish setup has been the same all week — gap up above prior highs, i.e. the upper-end of 2688.00-2692.50 resistance. Gapping up would have to be maintained through the open, and preferably extended. This applies to any resistance being tested at the open, including the prior high. And new highs remain vulnerable to reversing down again from 2699.75-2700.75 and 2703.00, since the relatively shallow interim dip didn’t refuel buyers much — refueling that could have been done by briefly revisiting the 2681.50, 2679.00 and 2675.50 lower objectives. So, reversing down isn’t any less likely until 2703.00 is recovered through a relevant window.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2694.25 would be likely to also recover the 2692.50 bias-up target through 10:15 and renew the bias-up signal. Exiting the open above 2690.75 would be likely at least to trigger the 2688.00 bias-up signal.
Phonetic dictation…
good morning and welcome it’s the last market tour of the year the last market wrap of the year is upcoming what’s going to happen in between a lot of interesting stuff it seems like because overnight we’ve got a rally back to and through prior highs now probing the highs recalled that yesterday morning and dropped after rejecting or by way of rejecting at least the overnight rally and 61.8% of the late Rally from Wednesday’s low so even though that held the test of the bicepsback down early enough there’s still a pattern in here that collapses that utterly collapses make it through the open make it to any relevant irrelevant level and marginalized this does not yet marginalize them all rightdoes this require a complete retracement not required but still likely until disproved which is of course interesting because there was an opportunity not yet entirely lost at if not reversing the decline that is off of or at least I am basically a 61:8 retracement of it up to 80 which is not yet tested but getting close Euro hire overnight extending its Breakout after having failed repeatedly through Friday making only a formality that there would be some larger bounds the objective and then all of that
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