The First Trade… Skeweeze.

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

CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Friday’s 2084.25 open was essentially flat with Thursday’s 2083.25 close, and soon probed Thursday’s late low under 2080.00 down to 2079.00. Bouncing into the noon hour to test 2094.00 didn’t prevent retracing it all into the weekend, the final weekend before this week’s U.S. Presidential elections.

Overnight action’s new info…
The FBI on/off effect was immediate. Both in terms of triggering a 26-point gap up to 2106.00, and in the overnight action only ranging around 2106.00. Choppily, down to 2103.00 and up to 2112.00. And now another attack on 2106.00 as support trying to bounce again.

If, then…
Room for noise under the decline’s 2082.00 target down to 2077.50 had been attacked to within 2 points. It does not become unfinished business below. But the gap back does, although it can be “filled” by proxy back down to Thursday-Friday’s 2094.00-2097.50 highs. Meanwhile, a corrective rally may be underway, especially so long as the opening 15 minutes of volatility gets out above 2108.75. The next set of “higher prior lows” begins at 2114.00, from which overnight action has hovered pessimistically short. The next higher set gets to 2120.00-2121.00, which is also a 61.8% retracement back to two-week old highs. Any higher would start targeting 2134.00 and 2138.00. After trending down into its close, gapping above the prior afternoon’s highs forms a “session-long rally,” but it’s intraday effects can be less reliable when there is a weekend in between.

First Trade…
[Click here to view the Bias parameters] The open is too far removed from the Bias parameters for any early indications.