The First Trade… In search of solid buyers.

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…
The reaction to Fridays’ pre-open payrolls report had plunged 12-17 points down to 2082.00. Recovering most of it through the open nevertheless reacted down to fresh lows at 2077.50. The balance of the session ranged choppily higher to attack 2094.00, repeatedly overlapping the critical 2088.00 level, while still within Thursday’s range.

Overnight action’s new info…
Sunday night’s flat open soon probed fresh highs at 2098.00. That was brief, and retraced entirely, then reversed into negative territory at 2087.00. That’s essentially this morning’s bias-down signal, and several hours have ranged there sideways, touching 2086.00.

If, then…
Not rejecting Friday’s probes under 2088.00 kept the market vulnerable to probing even deeper, like to the 2070.00 area. Gapping up could serve by proxy as the rejection that Friday failed to produce. But the overnight slide is more in-line with the rally still needing to launch from a lower level.

First Trade…
Exiting the open at 9:45 above 2091.00 would be unlikely to trigger the 2087.25 bias-down signal. Exiting the open under 2085.00 would be likely to trigger bias-down.