The First Trade & Pre-open Tour Recording… Yep, that left a mark.
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 immediately signaled the morning’s trend would be down, by opening back under the earlier low of an overnight session that had probed the prior session’s high. Bouncing into resistance at 2871.00 was reversed to test 2855.00. Coinciding with Friday morning’s highs offered support to launch a bounce into the afternoon that tested 2868.00. But it failed to trigger bias-up, and the balance of the session slid again. Testing 2852.00 before the close had time to react back up above the morning’s low.
Overnight action’s new info…
Yesterday’s drop resumed overnight. Flat-to-lower choppiness through the Globex open eventually collapsed sharply to 2831.00 before midnight. That area is also Thursday afternoon’s last relative low, which now serves as support. Already retracing up to what is this morning’s 2845.50 bias-down target — which acts as resistance from below — a narrowing consolidation developed into and out of Europe’s opens.
If, then…
Monday’s very late bounce was probing back above the morning’s low within 3 minutes of the cash session close. So, sellers didn’t gain traction for their efforts. The bounce didn’t recover a prior high, so buyers didn’t gain traction on the bounce. This context for last night’s drop allows it to be briefer before recovering. Briefer, within the other context of yesterday’s opening signal being likely to persist into this morning. Recovering further pre-open would still encounter resistance at 2848.00-2850.50 which must be recovered just to indicate that sellers still aren’t gaining traction for their efforts. Otherwise, the gap back to Thursday’s 2840.00-2841.00 close may be a last line of defense before this downleg becomes something more substantial.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2848.00 would be likely to trigger the 2850.75 bias-down signal at 10:15. Exiting the open under 2841.00 would be likely also not to recover the 2845.50 bias-down target by 10:15 which would renew the bias-down signal.