The First Trade & Pre-open Tour Recording… Stiffed resistance.
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…
An overnight Symmetrical Triangle’s false break was already reversing back up pre-open from 2559.50. Wednesday’s open extended the reversal more substantially, all but ensuring the overnight plunge would not resume. It did not. Sellers were never actually marginalized intraday, but they would be influential again only during the noon hour’s exit into the bias environment, dropping from 2620.00 to 2601.50. That ended abruptly as the rally extended sharply higher to almost 2650.00 into the final minutes. The actual cash session close held 2644.00.
Overnight action’s new info…
Slowing the pace of yesterday’s rally hasn’t stopped it. A reaction down from 2660.00 to 2653.00 was recovered to 2667.00, which also reacted down to 2653.00. Its recovery to 2660.00 is forming a potential Head & Shoulders pattern, and also reinforcing the relevance of 2660.00.
If, then…
Extending any higher would seriously undermine the near-term downside momentum, especially if maintained through today’s close. Significant retracement limits are being tested, both at yesterday’s close back under 2644.00 and at the overnight probe above 2660.00. Closing above both today would enable a higher objective at 2722.00. Meanwhile, having tested 2660.00, closing back under 2644.00 could act as an accelerant to reverse momentum down aggressively into the weekend — and out of it… Meanwhile, the potential Head & Shoulders pattern forming overnight has yet to break lower, and may not. Regardless, its intraday influence will be defined during the opening 15 minutes of volatility.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2660.00 would be likely to exceed the 2656.25 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2650.00 would be likely at least to trigger the 2647.50 bias-up signal at 10:15.