The First Trade… Still slopping around.

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…
The week began by falling back into the same range as last Tuesday’s horrible session. The template behaved the same way this week, with Its quicksand keeping price attracted to 2156.00-2158.00 for much of the day. Also similar was a last-minute rally up to 2163.50 that retraced more of the open’s drop from 2166.00-2168.00.

Overnight action’s new info…
A pullback to 2158.50 was recovered to a fresh high at 2165.00. Reacting down through Europe’s opens has extended back to the 2158.50 low. Price is still consolidating under unchanged levels.

If, then…
There is now no bullish reason to revisit Monday’s 2156.00-2158.00 lows. Dipping more than just momentarily would likely gain sponsorship and traction to break under last week’s lows on the way to a much deeper level. Meanwhile, almost any opening strength Tuesday should be likely to probe fresh intraday highs, retesting Sunday night’s highs up to 2171.25  and 2175.50.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2161.00 would be unlikely to trigger the 2166.00 bias-up signal at 10:15. Exiting the open above 2168.00 would be likely to trigger bias-up. Exiting the open at 9:45 under 2155.50 would be likely to trigger the 2157.75 bias-down signal at 10:15.