The First Trade… Take me back to Constantinople.

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 gap up to 2164.00 originated too late to be credible, warning early that the 2161.50 bias-up signal wouldn’t trigger. Its 2152.00 objective was tested down to 2149.00. The bullish WedEX accompanied an afternoon recovery to 2157.00 before news of Turkey’s coup pushed price down into the close. Post-close action gapped down and extended sharply lower to 2143.00, 11 points under the cash session close.

Overnight action’s new info…
The coup didn’t succeed, if it was even a coup. Sunday night’s 2154.50 open immediately retraced everything under Friday’s cash session close. Immediately extending higher attacked 2161.00 before settling back down to 2155.00. Surging again through Europe’s opens tested 2163.00. That has also settled back down to 2155.00.

If, then…
I had published Monday’s bias parameters before Friday’s post-close plunge. The 2143.00 bias-down target defined the plunge’s low, and the 2163.75 bias-up target defined last night’s high. Since those levels are calculated from price action through Friday’s close, that helps to confirm expiration remains influential. Post-open action remains likely to fulfill the bullish WedEX signal.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2161.00 would be likely to trigger the 2158.00 bias-up signal at 10:15. Exiting the open under 2153.00 would be unlikely to trigger bias-up.