The First Trade… Still hovering.

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…
Monday’s single-minded rally to 2156.00 was followed by a single-minded reversal that persisted through Tuesday’s noon hour. Tuesday’s cash session had begun by gapping down to and through the relevant 2134.00 level. Extending down to 2112.25 bottomed suddenly as the 30-year’s auction triggered a 30-minute surge to 2129.50. The balance of the afternoon was choppy and wide, but held within the noon hour’s range, recovering 2126.00 into the close..

Overnight action’s new info…
Firming back up to Tuesday’s 2129.50 high pierced it by 1 tick. Dipping through Europe’s opens quickly bottomed at 2121.25. The range has persisted, and has persisted in avoiding any trending.

If, then…
Yesterday’s lows stopped optimistically short of touching Monday’s 2110.50 post-open low. That’s likely to be only temporary, and its eventual retest would likely slice through Sunday night’s lows to 2095.00. Tuesday’s gap down and close under 2134.00 keeps alive the lower attractions that began forming Friday, still needing confirmation from a second consecutive close. Gapping up above 2134.00 would start enticing buyers to accelerate their entries. Holding yesterday afternoon’s 2129.50 high as resistance keeps the door open to sellers.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2132.00 would be likely to trigger the 2130.50 bias-up signal at 10:15. Exiting the open under 2127.00 would be unlikely to trigger bias-up.