The First Trade.

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

Enter the Chartroom here (pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Monday”s pre-open slide back to Friday”s 2100.75 low was already bouncing into the open. The morning”s extended it back up to the 2111.00 bias-up signal in time to invoke the grace period, and barely triggered late bias-up targeting 2116.00. The afternoon”s pullback to 2107.00 was recovered to within 2-3 ticks of the 2116.00 target, neutralizing its attraction.

Overnight action”s new info…
Monday morning”s highs around 2111.00 immediately attracted price back down. Ranging there sideways back to 2113.50 is finally trying to break, now piercing a fresh low at 2110.50.

If, then…
Retesting last Wednesday”s 2117.75 high today doesn”t require gapping up. Double-topping with last week”s high requires only that its test be overly-optimistic. Gapping up is the likelier scenario that would fulfilll the overly-optimistic characterization. But recovering to fresh highs after gapping down would be optimistic, too — then it would be overly-optimistic if reversed down in time to close back under prior highs, and especially back into negative territory where a bearish Pivot Reversal could form. Despite the overnight pullback, I”m anticipating it will be absorbed similar to yesterday”s pre-open weakness. Duplicating last Thu-Fri session-long ranging in negative territory isn”t likely at this stage, which means that the alternative to recovering would likely be trending down.

First Trade…
Exiting the open at 9:45 above 2111.00 would be unlikely to trigger the 2109.25 bias-down signal at 10:15. Exiting the open under 2106.50 would be likely to trigger bias-down.