The First Trade & Pre-open Tour Recording… Up into the slowdown.

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…
Typical pre-Thanksgiving volume and volatility contraction wasn’t yet influential early Tuesday when the Globex session rallied very late. Its 10-point surge greeted Tuesday’s open gapping up to week-old “unfinished business above” at 2590.50. The open’s surge also probed a gap on the way to new highs above 2596.00 where trending stopped. A late-afternoon blip-up probed 2600.00 which the open had targeted just for having held above 2590.50. The blip-up’s reaction down formed a “failed Ascending Triangle” that dipped further into the 2596.00-2598.00 close. No unfinished business was left outstanding.

Overnight action’s new info…
Tuesday’s late dip extended initially down to 2594.50. A surge up to 2599.25 was retraced down to 2596.00, which has been holding multiple tests as support since midnight. Only now is another surge piercing the 2599.25 high.

If, then…
The failed Ascending Triangle at yesterday’s highs usually measures out its reversal down to either 2591.75 or 2588.25. It usually completes a correction, then recovers to resume the prevailing trend. But the relatively shallow pullback of this instance may not have refueled sufficiently to break above yesterday’s high. Evaporating volume already makes it difficult to attract sponsorship for trending higher. The afternoon’s impending FOMC Minutes tends to inhibit trending, too. And there’s no “unfinished business above” to attract price higher, anyway. So, yesterday’s high is likely to hold if retested — a retest that isn’t even likely unless trending up already through the open. Backing-and-filling this morning is likelier, until proved otherwise.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2597.50 is unlikely to trigger the 2600.00 bias-up signal at 10:15.

Phonetic dictation…
good morning it’s Wednesday it’s time for Wednesday’s Morning Market or not a lot going on overnight and quite possibly not a lot going on today although I wouldn’t discount potential for one pattern which is basically an attempt to Rally that fails and spends the rest of the day basically trending back down maybe just backing and filling which is a way of saying gradually retraced in yesterday’s rally maybe in fits and starts that has accelerated steeper legs and then extended consolidations before turning down with got two influences pretty big influences more like restraints then positive or an attractive influences what is this is the holiday or the travel day for tomorrow’s Thanksgiving holiday so a lot of volume disappears also this is even though we’ve got a low-volume day ahead this is this afternoon that is going to have the fomc minutes released and price to be inhibited so really all the action is likely to be this morning and maybe a flurry of it this afternoon after the news I would imagine that based on past such a limited universe of the examples based on past similar setups when there is something in a low-volume afternoon like a Friday afternoon and it even if it is responsive it’s temporary so there’s a chance that we will be having the market wrap early I just to account for no reason really to stick around apart from that though this morning there is yesterday’s high as high at 2605 requirement to exceed it 60153 and there’s no it was never put into play or pretty close to it but yesterday did for sending triangle that broke and failed and tried to resume and fail that’s a fail descending triangle typically a failed ascending triangle and we’ll pull back a lot deeper than this did it’s not a very wide pattern to begin with it’s measurements for a normal pullback or 25 9175 and possibly 8825 so one of the things that contributed to the false breakout was the shallowness of the consolidation you know there’s not a lot of pull back there there’s not a lot of shorts being trapped not a lot of shorts to squeeze to help fuel to break out not a lot of pessimism so from a prospective not a lot of disk proof to cover before disproving that very shallow pessimism so that could undermine to the break out of town overnight shallow could be just another version of the same problem to shallow middle levels don’t have to be the same but the principal is and that is not enough pessimism stopping pessimistic or optimistic Lee Short that is not even optimistically short of it just literally half the distance of a normal measurement for the pull back and it typically is a bullish pattern once it gets past its pull back they all descending trianglesvolumeproduced a deeper pull back as well it’s not a matter of volume in this case it’s a very shallow pull back if the rally can resume at before the open if you’re already testing the eyes if something similar to yesterday’s open in principle again it’s a little different set-up but if the prior hi just like yes he’s open was testing 2590 50 2590 50 having been unfinished business above retesting just the prior high that was that the calculable level 25 1950 was unfinished business and open it was open so that was even if it was highly doubtful if it was highly doubtful we know if it was exceeded it would Target 2600 but similar than in principle is yesterday’s high only yesterday’s I if that succeeded through the open more power to it will give monitor for failure again because of the shallow pullback that hasn’t really were fueled buyers but otherwise the burden of proof is on buyers and there’s still an opportunity to just resumed yesterday’s break lower back and if not actually 92-88 maybe lower be careful with the volume legs can get weird legs can disappear any questions please let me know in order to resume or have a credible break higher meanwhile if that can’t get done presumably it doesn’t have an apple relatively soon then we are going to look for what 1860 out of balance and then the Yen Consolidated yesterday Monday if it’s a correction of Friday’s break it doesn’t get any further I wouldn’t tolerate not so much a surge with silver is not very productive productive gold all the way back up to itsilver the very choppy in a Range but not very predictable e Long Pond had a great opportunity yesterday and greeted the open having probed prioritize it did prove even higher highs in the morning and it only went out testing 154 that actually closing above it or at least still overlapping it so it will be forwarded 402 that’s still the level it needs to be recovered through the clothes decisively and then confirmed on the second consecutive higher close in order to indicate that the Rally’s resuming the consolidation is even breaking higher that 153 can be avoided none of that has happened overnight instead dipping back down to the lower end of this range and breaking an eternal uptrending support So burden of proof is definitely on Byers and the long one crude oil API released yesterday this morning the objective has always been to retest this this couple weeks ago which very well it’s just a voice as having potential and it didn’t didn’t close under the morning slow the next open didn’t break lower by proxy to complete that pattern and by default it created an attraction could have broken higher extended higher the ongoing shallowness of the consolidation suggested that if there were a break higher it would be unstable base to try and extend higher the bullish or the rally that is has preserved its bullishness by instead correcting and really hung on by the skin of its teeth here as we say in the states what’s 5555 cell signal / pull back limit and now has recovered 5656 the objective being a little bit ago presumably momentum Natural Gas that’s even more difficult then we already know that very happy safe and healthy Thanksgiving good luck today

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