The First Trade & Pre-open Tour Recording… Second wind.

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 did what all of last week’s attempts did not — closing above 2672.00. Sunday night’s gap up attacking Friday’s highs helped. Closing above 2672.00 was no longer enough to put into play the next higher objectives at 2715.00-2722.00. That now also included closing above 2680.50 and its room for noise up to 2681.50. Monday’s cash session close didn’t reject 2681.50, so much as dipping 5 points back under it. Futures settled at 2681.50, still not fulfilling a breakout.

Overnight action’s new info…
Holding 2681.50 through  Monday’s close didn’t prevent resuming the rally overnight. Monday’s 2687.00 high was pierced momentarily into and out of Asia’s opens. Firmly recovering wasn’t prevented by weak economic data from China, extending up to 2696.00 ahead of Europe’s opens. A correction to 2688.00 has now been recovered back up to 2696.00.

If, then…
Buyers gained no traction for their efforts Monday, so only gapping up would be reliable for extending higher. This morning’s 2691.00 bias-up target has already been probed by 5 points. Almost every bullish template is active on this setup. Generally, either immediately extending the gap up or absorbing a post-open reaction down would be credible for trending up intraday. We had discussed a late-afternoon setup that reacted down instead of up, which would have pointed higher through Wednesday morning — maintaining a gap up would put that setup back into play.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2692.50 would be likely also to exceed the 2691.00 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2688.50 would be likely at least to trigger the 2684.50 bias-up signal at 10:15.