The First Trade & Pre-open Tour Recording… Shallowly higher is still vulnerable.

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…
The 3-day holiday weekend ended Monday night. Choppy overnight ranging 2683.50-2689.50 was within Friday afternoon’s range. Tuesday’s first hour was narrower, but still choppy. And then choppiness disappeared, as the balance of the session contracted to a matter of ticks. Flat-to-lower ranging probed a fresh low AFTER the 3:10-3:20 proxy window had closed, indicating its break would be temporary. It was also shallow, piercing the morning’s low by only 3 ticks down to 2684.25 before bouncing back into the range.

Overnight action’s new info…
Tuesday’s late bounce back into the range extended to the morning’s 2688.25 upper-end. And gradually through it as flat-to-higher narrow ranging is probing Monday night’s 2689.50 high up to 2690.25.

If, then…
The overnight range is still probing into the 2688.00-2692.50 resistance buffer, whose recovery through a relevant window would target new highs. And whose resistance held keeps in-play the 2679.00 and 2675.50 “unfinished business below.” Gapping up above the buffer is the likeliest path higher — at least, greeting Wednesday’s open above Tuesday’s range to start, which overnight action is trying. A failed attempt could instead have stretched the rubber band to snap back down to fresh lows. That bearish reaction should develop today, if not this morning, while still free from influence by the two 3-day holiday weekends’ seasonally bullish influence. So meanwhile, the shallow overnight bounce is suspicious. But triggering bias-up could marginalize sellers for the balance of the week.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2691.00 would be likely to trigger the 2688.75 bias-up signal at 10:15. Exiting the open under 2686.00 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning and welcome it is Wednesday the holiday shortened week I’m both ends it is the second day of the week usually this would be the 3rd and the most liquid and Friday is essentially a half day or early close chopping off a couple 3 hours there it’s busy and focused in a different way that gets more prevalent toward the end of the week that is as early as this afternoon and that’s with the year-end transactions more of a focus on if not marked the market then carrying stuff into the end of the quarter end of the year tax considerations etcetera so coming out of the holiday weekend it was a little bit ofso late it would be temporary whether it was deep or shallow was shallow Kimberly call that a rubber band stretch but price did snap back up to the upper end of yesterday’s range to the upper end of Monday night’s range and actually probing that into Thursday night’s range it’s shallow bounce resolving down below at Wednesday’s oversold are a size 2679 and there’s an objectivethe offsetting test in the Bios down trying to get a 26 7550 presumably both of which are inhibiting recovery or rally which at this stage in a narrow extended their Owen range can break decisively in one direction of the other by gapping and when it doesn’t gaps efficiently will instead tend to break falsely and One Direction and then reverse more substantially in the opposite directionthere would be a better chance of that being a false break combined that false break potential with satisfying the attraction in the objective below and that could be a pretty substantial rubber band stretch that snaps back up to new highs and higher otherwise getting a probe of fresh highs going probably requires at leastGood Morning Show extending through the open otherwise that potentially bullish opportunity becomes as beerus as it would have been bullish and stretches the rubber band in the rug directions to snap back down still with no evidence that 2679 2675 50 can’t contain a pullback remember there’s also to book ends to this week to seasonally bullish bookends The 3 Day weekend holiday influence is difficult to find sponsorship let alone counter-trend sponsorship which in this case would be down so that window up coming in the window previous are neither one influential right now opportunitywhich might explain the shallow overnight bounce but won’t explain triggering biocept written by ass up would get every benefit of the doubt maybe some suspicion if the price action merits it but otherwise every benefit of the doubt that sellers would be marginalized through the end of the week which is also to say through the year the outstanding from Two and a half almost 3 months ago formed potentially an island if that’s exploited today by gapping Back Down Under 324 being attacked here overnight we know it would be only temporary gold fulfilledwe don’t have that assurance but there is a pullback rising up trending support down to about 150 150 104 is Touchback above 15116 or back above yesterday’s high when 5125 15126 would be even more bullish than just a test when it’s 2:22 sowas likely at some point 2 I was literally explode higher and what better point of course than resistance so after neutralize me attraction above from two and a half weeks ago and touching 5865 resistance overnight yesterday morning surged considerably not any follow-through here not yet today would be confirmationwe’ll discuss that as we get there this afternoon meanwhile anything in this area is just noise a natural gas which was a little aggressive the most durable bottom possible and did fill the Gap back to Friday’s close fulfilled it yesterday and is extending higher today which is going to create more close above breaks out first as upside attractions that are being fulfilled here overnight so now Iwhich isthat later alright so any questions let me know in the chart room I’ll see you there before the open good luck tonight

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