The First Trade & Pre-open Tour Recording… Waiting for the bulls.

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…
Friday’s first hour had the courtesy to trigger my Inertia signal to warn us of a Dry Cleaners morning. Only 3 of the first hour’s five 15-minute checkpoints needed to overlap the same relevant level. In this case, it was the 2580.25 bias-down signal. And in this case, all five did. The session ranged choppily to the degree there was even room for that between 2579.00-2582.00. A very late dip through the close slid to 2576.00. The passively bullish WedEX proxy was not very influential.

Overnight action’s new info…
Markets explored further downside while waiting for this morning’s open. Sunday night’s Globex open immediately dipped several more ticks to 2474.75. A blip-up to 2578.75 was retraced entirely and reversed momentarily to fresh lows. But consolidating around this morning’s 2575.25 bias-down signal didn’t recover eventually collapsed. This morning’s 2568.25 bias-down target was attacked and then pierced. it momentarily. A 5-point bounce attacking 2573.00 collapsed for another test of 2568.25. The interim bounce was recovered, and then exceeded, essentially unchanged from Friday’s close at 2576.50.

If, then…
The overnight dip isn’t relevant to the WedEX signal, which only affects regular trading hours. Friday’s late dip doesn’t seem in-line with a bullish WedEX signal. But the session’s otherwise narrow range allows discounting that somewhat. All of which irrelevant unless Monday’s open exploits it. Opening back above Friday’s lows — preferably above 2580.25 — would be likely to trend back up through the morning. Still struggling with 2577.00 through the open and not rejecting the overnight dip would become doomed to repeat it.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2577.00would be unlikely to trigger the 2575.25 bias-down signal at 10:15. Exiting the open under 2574.00 would be likely to trigger bias-down.

Phonetic dictation…
good morning and welcome it is Monday it’s time for Monday’s morning market tour hope everyone had a good weekend we have a lot of stuff that happened overnight you wouldn’t know it if you’re not looking at overnight action if this is what the market looks like at the open or this is where we are at 7576 attacking 77 you ain’t even know about this overnight dip some European actually German political maneuvering that presumably had their impact and then her being Shrugged off and here we go back to the US Open who knows the point is that Friday was something different entirely Friday actually I has a little mixed bag to it I don’t want to dwell on it because Friday itself didn’t do much otherwise but this is Friday session except for this last minute dip even post last minute dip really very narrow range and narrow wing So for an expiration not volatile very pretty session not volatile for a bad influence influence bullish passively support by proxy as of Thursday morning so and here’s that which was maintained by the way so if there is a bullish Medics influence of any sort Passive by proxy would know it looking at Friday’s rain or Friday afternoon but it wasn’t a narrow range it did develop a trigger and so give me the benefit of the doubt we don’t have to give it much better for the day until Monday is open and then only if Monday’s open has in fact done something to Signal or reconfirm or otherwise earn that red X bullish influence and it is it’s trying first of all it’s absorbing an overnight dip that in itself isn’t the relevant indicator because even if the gap down the bullish Red X influence applies to Post open Action it applies to Friday afternoon Monday morning it does not apply to the overnight so this recovery isn’t necessarily reconfirming that there is a bullish influence of any sort but it is interesting anyway that here’s that as we knew at the time that rally that got ahead of itself Thursday attacking that got rid of some of the overnight ahead of Friday’s open got rid of some of the excess was quickly recovered and now it’s really Friday and overnight really retraced that over but quite a bit in fact really retraced that overnight that had led the gapping up corrected in fact that overnight rallying that have led to Thursday’s Gap up this pretty much a make-or-break situation as it comes down to it not just for the bullish FedEx to influence this morning Post open in other words Trend up through the morning and because Friday if there wasn’t influenced Friday it was a nominal influence on Friday which typically means Monday’s influence of the wedding signal should be much more pronounced which in this case means aggressive rally so either the bullish wed x is going to take holdhelped by this ultimate basement not just a correction of Thursdays and trade day rally not just thisThursday’s rally itself replacement of the rally but also of the overnight rally that’s the make-or-break you can’t get any lower than that and still be in rally Mode still have a attraction back to Thursday’s High which doesn’t require retest other than now there’s two gaps open or gaps down that is open wanting to be filled still give you the benefit of the doubt to a retest of Thursday’s High a retest of the prior week size a fresh High at least that’s the attraction none of which is required but we’ll be looking forward to specially if this morning’s open isolates the probe under Friday’s load to the overnight and does that by recovering through the open above Friday’s Lowe’s at least Friday mornings was Friday mornings Lowe’s basically 7870 857-775-7850 but preferably Friday mornings 2580 25 bias down signal that was really the support that was being tested so preferably it’s a little bit of a haul from here but get out of the open about 8:25 945 2 hours from now that’s not too big of a get out of 25 that would be the best confirmation that we can look for that the bullish wet ex is being influential risk returning back to the Friday late low 75 area or lower the Low by the way last night’s 525 6825 is this more often when that happens and manages to exit back above the bias down signal enter the open back above the signal that does behave as if that were done Post open we don’t have an official signal officially if the bias down Target and buy a 9:45 to 10:15 we would absolutely be looking for Austin and test of the bias up signal in Target biceps signal is 84 bicep Target is 9050 remember there is unfinished business at 9:50 developed through the opening by astounding window that would officially put in the playoffs and not the case here not when it happens overnight although that often does at least lead to the bias up signals test 84 but again rejected 2575 2500 through 10:15 at least we start looking for 84 any questions quickly put a picture up here of the bigger picture so you can see that gap between Wednesdays clothes and Thursdays open the 61a Tradesmen 6850 actually works at the Target tested canopy with covered through the open round and round Merkel 1755 with still potential to test was at Tuesday’s open Tuesdays Gap up before this range does capitulate or collapse more convincinglyon Friday can I probe her today the probes her today it actually doesn’t have a good chance at closing higher but as far as the breakout that still gets better from the doubt Looney is really basically pulling a death-defying act as it tries to maintain and really more fully fulfil this bicycle pound retesting what was the Thursday night ahead of Friday’s open but not intraday Friday and that’s up to its minimum objective at 1:30 to 85 but potentially something much more substantial so that’s going to be a big Line in the Sand so meanwhile the pullback limit for that for that set up can be raised to that inflection point 131 90 pain in the Aussie in the midst of its own down down leg not rejecting it gold weaker after surgeon Friday surgeon Friday 12:35 to close a couple weeks highs to close above 50 area 88 resistance now being tested as support or at least attacked and we can go ahead and point out the 1288 does have some pretty significant requirements on it to hold a support to maintain the Breakout to maintain Fridays Breakout not necessarily to confirm it confirmation would be a second consecutive power close today silver which came into 1730 resistance now needs to hold 1711 and support and it is testing 1711 as fort is it going to get out of here it hasn’t quite rejected that basically the corrective bounce potential tu-154 hasn’t proved that this was only at this point requires actually closing back on 53 Wychwood Target new lives this consolidation that have been recovered so now this morning or overnight 2 which had been tested up to 150 for 4:10 but still need to close above last week’s to the outside crude oil which was the product of having tested retested Riri tested 5535 pullback limit break with extended not following through today and by the way I need to roll forward which we will doremember the whole concept of breakingdistance was to recover its connector anchor to that trend line connector to that trend line it’s not enough to just break down trending resistance in a wedge have to close above its connector which Friday did not do and left the pattern vulnerable in fact it’s gapping down to reject the entirety of a Friday’s break higher and testing the lower end of that wedge now the bullish news potentially bullish news is that this created room to absorb that dip but that’s only relevant if in fact today were too close positive If Today closes positive and I didn’t you have today closes positive clothes positive any close in positive territory that by proxy serves as if this break is going to get underway is going to extend have to close positive otherwise failing to close positive just resumed the decline any questions good luck today

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