The First Trade… Still ticking.

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…
Extending Monday night’s single-minded relentless rally higher became likely by not yet attempting to reject halfway through Tuesday’s opening 15 minutes of volatility, Its correction never reversed the trend back down, opening the door to another upleg when the afternoon bias environment began lapsing.

Overnight action’s new info…
Except for dipping initially to 2022.75, another single-minded relentless rally has developed overnight. Most recently, a surge up to 2043.25 tested the resistance of Friday afternoon’s last relative high. The surge is now being retraced back down to its 2038.00 origin.

If, then…
London’s FTSE has retraced almost all of its Brexit drop. The gap back to Thursday’s close may not yet be filled, but the session’s “higher prior lows” have been tested. Its natural resistance coincides with peak liquidity, when strong hands position for the weekend’s illiquidity — which has more relevance ahead of the three-day US holiday weekend. Catalysts for at least attempting another downleg are growing, which is to say that more and more bearish catalysts have been ignored since Monday’s low.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2039.50 would be likely also to exceed the 2041.25 bias-up target through 10:15 to renew the bias-up signal. Exiting the open above 2032.00 would be likely to trigger the 2034.75 bias-up signal at 10:15. Exiting the open under 2031.50 would be unlikely to trigger bias-down.