The First Trade & Pre-open Tour Recording… Tanned, rested, ready.
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…
Closing Friday above 2758.00 and 2770.00 had put into play the next higher targets at 2813.00 and 2830.00-2833.00. A last opportunity to reject that premise was to immediately reject the higher close. Sunday night probed Friday’s late 2792.00 high up to 2805.50 which Monday’s open attacked up to 2802.25. That fulfilled the morning’s bias-up target, and the balance of the session ranged flat-to-lower, twice testing 2784.00 as support. The morning’s 2793.50 bias-up signal defined the afternoon’s upper-end. A late 13-point surge to 2797.00 exited the position-squaring window falling back into the range at 2787.50, a 61.8% retracement of the afternoon’s range — natural support.
Overnight action’s new info…
Narrow ranging around 2787.50 ended before midnight and has since rallied steadily. Two hours of consolidating at the overnight highs has formed an Ascending Triangle. Hovering pessimistically short of yesterday’s late 2797.00 high is threatening to open back above Friday’s highs.
If, then…
Monday’s NQ closed higher, ES closed flat, and YM closed lower, leveraging Friday’s similar relationship to confirm a bullish context. Yesterday morning’s drop developed during a bias-up environment, its sellers being weak-handed because the context precluded them from gaining traction for their effort. Quickly recovering or opening back above Friday’s 2792.00 high and yesterday afternoon’s 2793.50 highs should help to crystallize this morning’s focus on extending the rally. Any early indication of NOT recovering through the open would be more vulnerable to extending yesterday’s pullback with room down to 2770.00.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2797.25 would be likely to trigger the 2794.75 bias-up signal at 10:15. Exiting the open under 2791.50 would be unlikely to trigger bias-up.