The First Trade & Pre-open Tour Recording… Trying, trying again.
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 already recovering from a 10-point overnight drop that had attacked 2570.00. The drop was actually down 14 points from Sunday night’s initial rally attempt. All of which was eventually retraced, and then probed momentarily by 1 point up to 2585.50. The open’s rally had retraced most of the overnight drop before slowing its pace, probably because the initial drop stopped short of its potential to 2566.75-2568.50. Which is why we anticipated that the afternoon’s steeper slope would fail, and from where, to end the day probing back under the open’s 2582.25 highs. Overbought RSIs were left outstanding at the high.
Overnight action’s new info…
Reversing down from Monday’s late surge had dipped back under the open’s 2582.25 highs. The dip extended through the close, and through midnight, to eventually attack 2577.00 within 1 tick. Surging into and out of Europe’s opens touched 2582.52 before reversing back down to again attack 2577.00.
If, then…
Monday afternoon’s windows did gain enough traction to suggest that an overnight drop would recover. the question is from where. The overnight test of 2577.00 is already sufficient, assuming that this morning’s open is exited back above yesterday’s opening highs — but it has gotten a little late to still be testing overnight lows if a recovery is so close. Otherwise, holding a test of 2574.00 could be the last opportunity to avoid 2566.75-2568.50. And that could be the last opportunity to squeeze in a retest of last week’s highs before a deeper pullback into the weekend.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2583.00 would be unlikely to trigger the 2585.00 bias-up signal at 10:15. Exiting the open above 2580.25 would be unlikely to trigger the 2578.75 bias-down signal. Exiting the open under 2575.00 would be likely to trigger bias-down.