The First Trade… Somber atmosphere.

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…
Thursday started on a high note. Wednesday night’s peak had touched the rally’s 2168.00 objective, but its reaction down to 2156.00 wasn’t entirely recovered before the 2160.00 open. Nor after it. Wide swings probed gradually lower, and last bounced 8 points from 2153.00 to test the 2160.00 open.  The afternoon’s 2150.50 bias-down target was left outstanding below, as was the 2168.00 overnight new Globex trend extreme.

Overnight action’s new info…
A somber atmosphere after the Nice tragedy accompanied another leg down through the Globex open. Attacking the 2150.50 objective within 3 ticks was sufficient to launch a quick surge to 2159.00. But that wasn’t sufficient to launch a recovery, as the low has been attacked twice more to within 1 tick.

If, then…
Both opening and closing Thursday around 2060.00 didn’t reflect any net post-open change. Thinning sponsorship for the rally was masked by the wide-ranging intraday action. The rally’s sponsorship did leave an attraction above at the 2168.00 overnight high, which ought to be retested intraday anyway for being the rally’s target. Meanwhile, bullish WedEX influences aren’t relevant until this afternoon. It isn’t likely to be greeted from above yesterday’s highs, since the open isn’t indicated to gap up above them — which would be the only credible start to a morning rally since buyers gained no traction yesterday.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2150.50 would also likely trigger the 2152.00 bias-down signal at 10:15. Exiting the open above 2156.00 and 2158.00 would be unlikely to trigger bias-down.