The First Trade & Pre-open Tour Recording… Recoil. Reload.

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…
Wednesday’s gap up above Tuesday’s 2345.00 high hesitated to extend higher. That was the clue its rally was vulnerable to failure. Fulfilling “unfinished business above” at 2347.25 and holding its retest reflected shrinking sponsorship for the overnight rally. The balance of the session trended down to within a tick of Monday’s 2331.00 open — which had been tested already from a fresh high Tuesday. The session’s decline was relentless, but only gradual, never with any capitulative momentum. Sellers gained traction through the afternoon. WedEX has triggered passively bearish.

Overnight action’s new info…
Initially firming back up to 2336.00, that’s where a narrow 2-3 point range greeted Europe’s opens. That triggered a surge which extended higher to test 2341.00 by 2 ticks. Now the extension is being consolidated back down to what is this morning’s 2339.25 bias-up signal.

If, then…
Tuesday’s low already had retested the 2331.00 starting point of this week’s rally. And its retest had resolved in Wednesday morning’s fresh high. So, there’s no bullish reason to revisit Monday and Tuesday’s low. Extending down this morning might find obligatory support at Sunday night’s lows, but their test would likely resolve down. Meanwhile, extending down could be delayed by a corrective bounce, but not much higher or for much longer than what has been produced already last night.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2341.00 would be likely to trigger the 2339.25 bias-up signal at 10:15. Exiting the open under 2337.50 would be unlikely to trigger bias-up.

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.] good morning welcome so it’s Thursday it’s time for Thursday’s Morning Market or quick housekeeping note at the top did you get any mail overnight asking for any final comments or remaining comments at least on the quality of the Adobe Connect platform any conectivity issues are you being dropped I don’t want you to think it’s necessarily you I’m looking for any reason not to use that to commit to Adobe so that we don’t commit to the wrong or something happy to try any other so two questions did you get an email regarding this last night from the to make sure that you see all the point that I’m covered in there to judge your thought process on your experience with the new platform the platform at least they’re testing and then also what feedback can you give me a second I was recording I love according facility will be going away if we go to Adobe it will it was necessary with any meeting because of a feature like a flaw in their product that Doe B and a dozen other platforms don’t have so don’t feel like I’m looking for Rosie scenario and I’m surely not looking for you to bend over backwards for me so whatever it is you have as far as he back please show interesting as I said in the market yesterday on your protective gear this ongoing I can’t yet say decline but ranging which we’re now at the back at the lower end of and actually not at the lower end of which is what makes it even more ominous shopping optimistically short and a couple of instances that just don’t need that kind of coddling to 3 weeks ago and a half weeks ago we had this decline that fell into 2317 Target area and bottom and we knew it I bought them because testing 17 to within three checks and 27 which was another relevant level who covered back about 31 which was the relevant level of the hole that whole leg member that number so it really into that fomc minutes release that didn’t wasn’t taken too well and since then has been trending down at least trying to down into Friday this week started optimistically by gapping up it’s just not an appropriate end to that Lake but anyway it’s retest is required required to prevent extending her anyway very optimistic overly optimistic Monday throughout the day well that was traced back to lease back to Monday’s open 2331 opening print Monday love that level 23 31 level that was recovered three weeks ago that was well that was Monday that was wrong with through 51 was tested on Tuesday and then recovered I was just at that point if 31 is so relevant and substantial and I know that because it drops origin rally again back through that retest which was yesterday morning well there’s just no bullets reason to be revisiting that level again which is what yesterday’s to climb so that it should be broken and now the number one electives of that break was eventually coming such as we testing 2317 actually 2321 being the opening at 2311 bring the room for no such as predictive indicators one stay away from nothing like that actually but that’s the expiration indicators other bells and whistles to the app that can still come in and sign it or sharpen it but the wind direction to get her saying that Friday afternoon and Monday morning will be better Behavior Ashley this is a horrible spot on the chart for Behaving Badly remember it doesn’t apply to today today actually further informed that indicator or can I ask for today we’re rallying overnight or railing to the biceps of the biceps of those 3925 is also resistance of 41 we went to that is quite a bit it’s triggered triggered and there’s about the rubber band and that’s if that’s maintained through the open which there’s no Assurance of it triggering any way alright so I stacked it or as far as strategies this morning we’re going this is active bounce assuming they’re down down side resolution so any indication that resistance is holding is a reason to look at Short entry the immediate opportunity of traction below would be to fill the Gap that he has his clothes yes his cash or some clothes acquitted to 3450 basically the lower end of the overnight range unlikely tested so we’d even be looking for fresh Lowe’s tillers game traction that’s a pretty good news if that were developed compared to the bias up signal triggering which which is called that resistance is right about here so really good risk reward too short and we will be looking for short entries as far as upside I use the neat thing about upside if there is any if this is going to be extended by triggering the 395 buy a then because the trend is down the upside moves should be pretty rough and steep so very limited exposure time too long but the more attractive downside potential is on short levels on screen as we get into the open alright very very very fast and furious alright Tuesday silver gold and the only reason why it might not be ready to extend its to climb is because it did fill a gap essentially yesterday and hold it that often needs some backing and filling like to fill the Gap that to Tuesday’s close before was all day long but which I should get rid of this because it’s a big cell signal 2 weeks ago or we can have to go down and didn’t even threaten this cell signal on Friday Thursday or Friday or Monday extended and this needs to be 24 only