The First Trade… Volatile.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK <<==click here
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Gapping up Wednesday remained aloft through the open, not inverting the overnight rally. That didn’t prevent reversing down just minutes later. The reversal extended down relentlessly and substantially, turning a test of 1946.50 into a plunge to 1878.00. That’s new lows, which probed under Monday’s 1892.50 prior low, which had stopped short of its 1881.00 target. Actively bearish WedEX triggered.

Overnight action’s new info…
China’s renewed weakness triggered a brief dip to new lows at 1874.50. it was recovered as quickly as it had developed, and continued improving. Europe’s opens were greeted optimistically attacking 1898.00. That was reversed back down to down to within 1 tick of 1874.50, before bouncing back to 1891.00..

If, then…
There’s nothing predictive about ranging choppily overnight without extending the decline. Ranging choppily intraday wouldn’t be predictive, either. The pattern remains vulnerable to extending down sharply, with the wild card of last-minute expiration jockeying.

First Trade…
Exiting the open at 9:45 above 1885.00 would be unlikely to trigger the 1880.25 bias-down signal at 10:15. Exiting the open above 1993.50 would be likely to trigger the 1891.75 bias-up signal.