The First Trade… Still slow.

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…
Sunday night and Monday’s open each probed above Friday’s breakout highs, but the majority of Monday slid back into negative territory. Only shallowly, which prevented meeting the 2171.00 objective below, which was created by rejecting the open’s strength. Meeting the objective below was made difficult by an attraction to the strong open — which had maintained its gap up above all prior highs — and to the 2183.00 overnight high’s “new Globex trend extreme” that requires intraday retest.

Overnight action’s new info…
No change seems to have occurred to the rock and hard place pressuring price between them. An extremely narrow 2-point range between 2174.50-2176.50 persisted through Europe’s opens. Only within the past hour has price dared to break higher, soaring to 2176.00, less than 2 points higher.

If, then…
Understandably, bouncing only a couple of points overnight doesn’t affect wheher yesterday morning’s 2171.00 objective remains as much in-play, Anyway, time is a more important factor. Not being met the same day makes 1-2 lower attractions likely to be met, too, which are 2166.00 and 2160.00. Timing is also relevant, and not yet extending down out of Tuesday’s open would start to suggest a retest of Sunday night’s 2183.00 high will come first — especially if Tuesday’s open has produced an aggressive bounce. But exiting the open still stuck in this narrow range would suggest nothing, and a lot of it.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2181.75 would be likely also to trigger the 2180.00 bias-up signal at 10:15. Exiting the open under 2176.50 would be unlikely to trigger bias-up. Exiting the open under 2171.75 would be likely to trigger the 2173.50 bias-down signal.