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The First Trade & Pre-open Tour Recording… – If, Then… Market Timing

The First Trade & Pre-open Tour Recording…

By Rod David | January 17, 2017 - 8:24 am

Proper context can start the day with a solid win and make all the difference.

NEW 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 opening surge from 2267.00 quickly extended to 2273.50. And that was the end of that. The morning’s bias environment ranged narrowly between 2270.00-2272.50. A quick dip into noon was followed by a drop into the afternoon bias environment exit attacking 2266.00. That was still in positive territory, despite so much time having been spent either consolidating or declining. Being a Friday, the balance of the session firmed back up to 2273.00 through the futures close.

Overnight action’s new info…
Sunday night’s open dipped immediately back down to 2268.00. Drifting down to test 2265.00 through Europe’s opens Monday formed a low that was only pierced until Europe’s opens Tuesday. Anxiousness ahead of British Prime Minister May’s speech drove markets lower. Its low (so far) was a blip-down to 2257.50 which is now reacting back up to test 2265.00.

If, then…
PROGRAMMING NOTE: The pre-open Market Tour is now available only by recording. Scroll to the top of this blog post for its link. Then join us in the chaRTroom by 9:15 ET for any updates and your Q&A…
The 2257.50 overnight low has been relevant support during the current ranging. As such, it was a Pivotal Low last Wednesday, i.e. a fresh low was recovered to a fresh high. Retesting 2257.50 post-open would not be bullish. Retesting it overnight is only a threat. Meanwhile, its test underscores the vulnerability to launching a more durable downleg upon finally probing a fresh high. Having said that, the 2265.00–2266.25 range between Thursday’s close and Friday’s low can mark the difference between rallying this morning, or declining.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2270.25 would be unlikely to trigger the 2266.00 bias-down signal at 10:15. Exiting the open under 2263.50 would be likely to trigger bias-down. Exiting the open under 2259.50 would be unlikely to recover the 2260.75 bias-down target through 10:15, renewing the bias-down signal.

Posted in members-only, Pre-market Tour, S&P, The First Trade