The First Trade… Starting this week on a different note.

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 opening 15 minutes of volatility being glued to 2205.50 suggested almost instantly that the holiday-shortened session would likely not be volatile. Trending would be difficult, although the 2204.25 bias-up signal did trigger. But its 2209.50 bias-up target wasn’t even attacked until 3 hours of a 6-tick range around 2207.50. A last-minute break higher met 2209.50 on the way to attacking 2212.00 after the close.

Overnight action’s new info…
Weekend headlines had backed away from a unified OPEC. Sunday night’s open gapped down to the 2208.00 origin of Friday’s last-minute 3-point surge. It extended down to test Friday morning’s 2204.75 post-open lows, and bounced back up to 2208.00. Headlines of Italy’s bank problems triggered a plunge to 2199.50.testing Tuesday and Wednesday’s “lower prior highs.” Its reaction up tested 2206.00.

If, then…
Only the 2220.00 objective created above 2192.00 was “unfinished business above” as of Friday’s close. Gapping down today would create new unfinished business above at the gap back up to Friday’s 2210.50 cash session close. It’s 2211.50 close would likely be filled, too, having developed on a Friday. The overnight drop is currently reacting up back into Friday’s range, but not maintaining its recovery — gapping down back under Tuesday and Wednesday’s 2202.25 prior highs — would isolate Friday’s new highs and launch a multi-session reversal down.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2101.50 would be likely to trigger the 2205.50 bias-down signal at 10:15. Exiting the open. Exiting the open above 2207.50 would be unlikely to trigger bias-down.