The First Trade… Behaving bullishly.

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

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Friday’s gap down to 1949.00 was an improvement from the 1944.25 pre-open low. The morning’s bias environment rallied to 1967.50, but the balance of the session probed lower and lower lows down to 1941.25. Reactions to those lower lows each bounced back above the morning’s low — so, not actually extending down. This accumulative behavior was the afternoon’s only qualification for the bullish WedEX

Overnight action’s new info…
Flat-to-lower ranging didn’t extend Friday’s last bounce up to 1952.25. China’s open erased it, in two legs down to 1938.50. RSIs diverged positively on its retest, launching a reversal that is now probing almost 2 points above Friday afternoon’s bias environment 1957.25 high.

If, then…
The overnight rally could double or triple, and still be irrelevant to the bullish WedEX’s influence which applies only to post-open action. Since WedEX’s influence Friday afternoon was at best accumulative, Monday morning’s price action should behave that much more bullishly to compensate for its delay. While rallying sharply this morning would fulfill the WedEX, don’t lose sight of the possibility that the signal has failed — and that post-open action can trend back down. Regardless, retracing all of Friday afternoon’s bias environment does suggest the drop has been only a correction.

First Trade…
Exiting the open at 9:45 above 1957.25 would be likely to trigger this morning’s 1956.25 bias-up signal at 10:15. Exiting the open back under 1953.50 would be unlikely to recover the bias-up signal in-time to trigger it. [Added 10 minutes later as the market had just surged to 1963.75: Exiting the open above 1964.00-1964.75 would be likely also to exceed the 1962.75 bias-up target at 10:15 to renew the bias-up signal.]