The First Trade & Pre-open Tour Recording… Testing: 1, 2?

Proper context can start the day with a solid win and make all the difference.

NEW 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…
Friday’s session was certainly choppy, but being an “inside day” made it essentially a non-event. Fridays aren’t often non-events, but non-eventful sessions often occur on Fridays. The chop began with Thursday night’s dip to 2356.75, retracing it entirely into the afternoon bias environment, touching Thursday morning’s 2366.75 high. That was nothing. Friday’s remaining 90 minutes contained a 6-7 point drop and its retracement, then a 9-point plunge through close to 2357.50.

Overnight action’s new info…
Sunday night’s open spiked up to test 2361.00, almost immediately retracing Friday’s last three minutes of selling. A fresh low at 2356.00 was quickly recovered to 2361.00, too. But fresh highs extending to greet Europe’s opens at 2363.25 has been retraced down to unchanged at 2359.00.

If, then…
Absorbing last Monday’s opening dip through its open marked the recent low. Does Friday’s inside day mark Thursday as the rally’s high? Not if greeting the week with another opening dip must be absorbed quickly like last Monday. I review the “uptrending pivotal support” (depicted in the two charts nearby) whose current test will resolve in either a fresh recovery high, or else retrace back down to last week’s lows. Unfinished business below includes 2342.25 and 2321.00, whose retest at this late stage might as well extend to 2311.00. Influences include an unusually busy Monday econ calendar today, in a week ending with the Employment Situation report, while jockeying ahead of the oncoming quarterly earnings onslaught.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2356.00 would be likely to trigger the 2357.75 bias-down signal at 10:15. Exiting the open above 2360.75 would be unlikely to trigger bias-down.