The First Trade & Pre-open Tour Recording… Trying to kick its way 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 open gapped up 3 points, hardly suggesting there had been an 8-point drop overnight. But it was the first bit of refueling all week, and the first refueling since one week prior. The open exploited by surging to new highs attacking 2675.00 and triggering bias-up. Refueling or not, that was still a lot of optimism just ahead of the afternoon’s FOMC events. An 8-point drop refueled again, but only for recovering to the morning’s highs. No higher. Despite the restrained optimism, the final hour slid to fresh session lows attacking 2666.00, closing unchanged at 2667.25. The morning’s 2677.75 bias-up target became “unfinished business above.”

Overnight action’s new info…
Yesterday’s final hour collapse seems to have fully expressed whatever pessimism triggered it. Globex opened with a bounce that retraced at least 61.8% of the late intraday drop. That bounce’s own 61.8% retracement has been recovered entirely, and then some, getting two within 6 ticks of yesterday afternoon’s highs.

If, then…
Wednesday’s choppy action in a relatively narrow range already suggests that a more durable trending attempt is coming. The final hour’s collapse was a glimpse of that, and now so also is its overnight retracement. Not an entire retracement — not yet, if at all — but the directional change reflects more opposing opinion, more of which is reflected in its own swings’ measurements. Meanwhile, Wednesday’s failed probe of multi-session highs triggered a “passive bearish” WedEX. That could be reversed by the proxy of this morning’s open gapping up to new highs. Otherwise, more probes of fresh highs remain possible, and they remain vulnerable to reversing back down sharply into the range, if not also below it.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2671.00 would be unlikely to trigger the 2672.50 bias-up signal at 10:15.

Phonetic dictation…
good morning welcome it’s Thursday time for Thursday’s morning like at 2 or I’m going to squeeze in this update between meetings Bank of England meeting that just ended ECB meeting and policy statement coming and then Mario draghi speaking lots of opportunity interested in taking something speeding some sort of move because we got a lot of volatility in here and then up toOkay so maybe a bridge too far up to Tuesday’s High and then a big overnight reaction down big recovery we’re just running to expand the range not getting too much more out of the for the effort that is Wednesday despite probing Tuesday’s High a couple times didn’t close above it by the way Wednesday of expiration week the wet X signal number bells and whistles here are the most important ones in this setup being that there is multi-session trending and Wednesday probed a fire high or low and didn’t go out overlapping that Pryor high or low actually either exceeded or held and in this case held that the prior High that is passive not active active would have been towhy is going to become vulnerable to reversing back down calculable e preferably from hitting 2677 75 or 2 within 3 checks breaking lower instead that’ll leave that unfinished business above still be looking for some spot to buy it or to assume that there is potential to hold in Reverse backup marketsplus minus a nickel at this point natural gas position of strength and actually probing lower overnight ahead of it so still room all the way up to 290 before even signaling that a new rally leg new rally leg is in the waythe range wasn’t breaking out of its initial hi we see this a lot I’ve never seen this pattern for instance go back to Alibaba go back to Facebook go back to I believe snap Knotts death GoPro these initial initial dumps I mean this is not a stock you should at least producer

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