The First Trade & Pre-open Tour Recording… Pushing into resistance.
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…
Monday’s open had been greeted by a rally retracing Friday’s drop. Extending higher post-open to fulfill “unfinished business above” at 2552.00 would have been likely to reverse down. But post-open action only filled the gap back to Thursday’s 2550.00 close before collapsing to 2544.00. The afternoon bias environment also collapsed, sliding to 2539.25. A late 3-point bounce firmed further through the cash session close up to 2544.00. Oversold RSIs were left outstanding at the low, albeit only an errant tick. The ongoing Up/Down-crash setup was invalidated by a second consecutive negative close.
Overnight action’s new info…
A little spike up to 2546.50 with Asia’s opens was retraced entirely back down to 2544.00. The correction was recovered entirely into Europe’s opens, adding an additional 3 ticks up to 2547.25. That was also retraced entirely back down to 2543.75, and yet another recovery is now testing fresh highs at 2548.00.
If, then…
Monday’s 2539.25 low requires a retest, and gapping up can avoid it. Gapping up at least above Monday afternoon’s 2546.00 high, and preferably above 2547.75. Both are being tested now. An overnight dip to 2536.00 (+/- 5 ticks) could have neutralized the attraction below and then recovered pre-open. That’s still possible intraday if the gap up doesn’t hold. But extending higher would have no excuse not to fulfill the 2552.00 unfinished business above.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45
Phonetic dictation…
1010 it is October 10 it is Tuesday morning at 7 to Tuesday Morning Market tour I just a quick refresh of what is outstanding what the influences are outstanding now from yesterday’s low is 7 guys one minute and 3 minute RSI simultaneously ever sold it yesterday yesterday’s 25 3925 low it was actually wasn’t so much as it was credible support because of so much targeted sport down there the pattern could have extended down but it made sense for that to be a low and it was we tested it was actually 25 3953 975 that made sense to be a couple patterns in there that satisfied their sewing pressure and it was retested but not that errant tick and one minute positively on the retest for the Target so the rally from their recovering from their perfectly credible now the question is whether that doesn’t change that we do have unfinished business below with the retest of yesterday’s below but we can get out of its orbit by opening back Above This range here’s this range from yesterday midday that launched this break lower remember we were just never looking for this pattern to recover or nears Buy Signal was substantially higher really the nearest bicycle would have been tested right here right now finally when the midday range was developing and went the other way but had the recovery yesterday afternoon at the lower end of that range but above it or if we just above it and we can get out of the orbit of yesterday afternoon and what is that that would be Thursday before reversing down little less likely to happen so if we get anywhere near yesterday probably going to plow through it but that doesn’t completely closed Dutchess if the Gap up that’s being attempted doesn’t catch doesn’t catch and extend that’s where we test yesterday’s low comes in and by the way not just his stays low very likely at that point down to 36 25 36 + 1 – probably – but twenty-five 36 + 1 – .5 – 6 still there from a position of strength in that there’s that I’m finished business above it was at first attempt on Friday and that yesterday’s attempt at least went out actually the cash Station close is 2540 – 25 still testing 43 so probably recovers but if that is if we get a down leg in here just looking for a substantial today even in the worst-case scenario at least temporarilyray gun in the Aussie looking for an eventual lower close at meanwhile and now we can start tracking meanwhile if there is a balance 78 is a likely bounce limit the pound left a gap outstanding below but that is a confirmed breakout itself require an eventual requiring an eventual there they were closed it’s bouncing bouncing that just to 1:32 but could be on its way to testing is filling another Gap above which in fact overnight is denoted by the dashed line there’s definitely potential there’s a little fresh air but that’s what we would get to bouncing there’s no requirement Euro probably more matter of when not if 11760 finally breaks it is just being fought with optimism optimism 118 what 1850 is right in this range the likelihood then being dipping back down or at least if not the likelihood to another dip under 11760 dipping into negative territory Thursday all the way to 17 resistance probing into an overnight pattern but there is in the unfinished business last night and now it is to 1294 element but there is room for 1330 no one and there’s really just a range in here very sloppy long blonde failed Friday and we retraced entirely too much optimism to quickly would have the same effect in Reverse as did too much pessimism to quickly Friday morning will that window is now past that risk is now past little dip down here to 15121 5118 would be beneficial would be from a position of strength of having slow played the recovery of having avoided resuming the decline so very similar to the same principle that we were applying Friday morning from a position of strength Pro blower the attracted backup position of strength today Pro blower not as low attracted back up if not on the next that pavlovian response turns into actually crude oil testing testing it overnight and finally Natural Gas doesn’t have we had not a multi multi session range leading into Friday’s break lower and Fridays break which is on Monday which allows for the opportunity to that didn’t happen so that’s not a bottom not yet and yet there’s potential for accumulation but it is close and we can give it to the upside 304 .