The First Trade & Pre-open Tour Recording… Sponsorship thinning out.

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…
Wednesday’s on-again / off-again bullishness fulfilled minimum upside objectives by probing 3 points above 2715.00. No unfinished business above was left outstanding, having met the morning’s 2718.25 bias-up target and triggering the afternoon’s no-bias. While relevant resistance held, relevant support did not, closing back under the 2711.50 down to 2709.00-2710.00 Sounds bearish, and it may be. But the day was also wide-ranging and choppy, so trending has yet to reverse down. But that still triggered a bearish WedEX, albeit passive. Unfinished business below was left outstanding at oversold RSIs at Wednesday’s 2703.75 low and at the morning’s 2702.25 no-bias parameter.

Overnight action’s new info…
Bouncing at the Globex open soon peaked at 2713.25 and hovered there well beyond midnight. Then price gave way, first back down to natural support at Wednesday’s 2709.00-2710.00 close. Then more dramatically back down to Wednesday’s 2703.75 low. Bouncing into Europe’s opens tested 2709.00-2710.00 but retraced it all as quickly. A narrowing range has developed back down to 2703.75.

If, then…
Already responding to there being no unfinished business above seems bearish. And it may be. But quickly trying to exploit the situation also can mean less sponsorship. If reinforcements aren’t attracted, then the effort will have been premature, and its trapped sponsorship will fuel a short-squeeze. Gapping down under 2702.25 can still reinforce the bearish WedEX. Holding a test of 2702.25 can establish a low that holds through tomorrow morning.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2702.25 would be likely to trigger the 2705.50 bias-down signal at 10:15. Exiting the open above 2711.50 would be unlikely to trigger bias-down.