The First Trade & Pre-open Tour Recording… Treading water lightly.

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…
Monday’s open was greeted by Sunday night’s relentless rally. If overcome by sellers through the open, then it would reverse the trending back down. Not being overcome by sellers often resumes the overnight trending, although that’s not required. In fact, the 2692.50 open surged to 2698.00, much of which was maintained through the open. Despite absorbing sellers, the rally did not resume. But it was maintained, as the balance of the session ranged choppily sideways. Only the last of several intraday dips even touched the 2692.50 open, which a bounce largely retraced by 2-3 points into the close.

Overnight action’s new info…
Extremely narrow ranging never measured as much as 2 points, until Europe’s opens triggered a surge back up to Monday’s 2698.00 high. That’s the most influence by Europe’s opens in awhile, if not their only influence in awhile, and it was still limited. Touching 2698.00 has reacted back down to the earlier overnight range’s 2696.00 upper-end.

If, then…
Never probing above yesterday morning’s high was surprising. At least one attempt was credible before getting diffused by noon hour noise, and stopping 1 tick short. Such restrained optimism could be constructive to maintaining the uptrend. But being at new highs, and being ahead of a weighty event like today’s tax reform vote, the restrained optimism suggests that buying pressure waning. The rally is expending its optimism in anticipation, leaving less to expend in reaction. Regardless of buying pressure waning, the pattern should still include at least a probe above yesterday morning’s high to 2699.75-2700.75 or 2703.00 before a deeper downdraft. Then the next question would be how deep of a downdraft. I’m assuming deep, because I’m also assuming the anticipation for today’s vote has maintained the rally artificially. Preventing a defensive, constructive downdraft to develop organically can make its eventual appearance compensate for the delay by dropping more substantially. And the seasonally bullish Christmas halt is leaving less time available, making a downdraft likely to be steeper.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2699.75 would be likely to trigger the 2697.75 bias-up signal at 10:15. Exiting the open u9nder 2692.50 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning and welcome it’s Tuesday it’s time for Tuesday’s Morning Market or we’ve got Christmas trading halt coming up that is as of Friday’s close no open on Sunday night or Monday until the regular Monday evening Globex open every met up now just to point out travel maybe even Thursday to some degree on its own it just happens naturallyI would not be as complete of a pattern at the top here at the high here otherwise so I continue to look for at least a probe about yesterday’s highs before a durable downdraft would be as credible as it could be otherwise alright other markets so this influence is down trending influence on copper is remains influential I’m really only identifying a level here that’s of significance not really seeing a pattern that has gray predictive Powers gold firming higher it’s already got to confirm break out and play that struggling to of 8350 with likely resistance of 77 to 1850 silver that suggesting is 1665 and play the 61.8% of the uptrend of the rally that led to the would be the or likelyso would need to recover the clothes back above Friday’s close if it were to go to that extent in order to view that bullishly at that stage but the important thing is it yesterday closed about 271 so doing that at this point would be from a position of strength that’s a position and then basically go on a day tripany questions please go ahead and post them in the chart room and I’ll see you there before the open good luck today

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