The First Trade… Shallowly weak, at the moment.

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

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Surging out of a gap up quickly found a momentum peak Tuesday morning at 2069.00. The noon hour’s exit resumed rallying into the final hour up to 2074.50. The rally gained traction by the bias environment exit and final hour’s entry. The balance of the session ranged sideways, even dipping momentarily to touch the morning’s 2069.00 high as support.

Overnight action’s new info…
Tuesday’s high was pierced by 2-3 ticks while waiting for Europe’s opens. That wasn’t helpful. A 5-point slide quickly tested 2067.00, and price has been ranging around yesterday morning’s 2069.00 high.

If, then…
Tuesday’s traction should be rewarded by probing higher Wednesday morning. That can be delayed until the afternoon if a shallowly weak open isn’t soon recovered — and currently the open is indicated to be shallowly weak. Deteriorating much more would threaten yesterday’s 2065.00 noon hour low, and gapping much lower could offset Tuesday’s upside traction. Although tomorrow’s volume will be relatively strong for a three-day holiday weekend, trending this afternoon would be difficult to stop, regardless of whether it is up or down.

First Trade…
Exiting the open at 9:45 under 2065.00 would be likely to trigger the 2068.00 bias-down signal at 10:15. Exiting the open above 2070.50 would be unlikely to trigger bias-down.