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…
Tuesday morning”s consolidation of the open”s gap up barely contained itself through the afternoon”s no-bias environment. As soon as possible, the rally resumed into the final hour, gaining traction throughout. Whether going by the 1977.25 cash session close or futures ticking up to almost 1981.00, closing above 1963.50 put into play 1984.25.

Overnight action”s new info…
Sympathy to FB”s post-close earnings triggered a gap down to 1974.50-1976.00. The balance of the night worked its way higher to probe fresh highs up to 1981.50. That is being retraced by a 6-1/2 point slide back down to 1975.00.

If, then…
Since yesterday afternoon”s timing windows indicated the rally gained traction, reversing without delay would require gapping down under a prior low. That”s essentially the 1974.50 overnight low. Any stronger open — or shallower opening dip — would be likelier to recover. That doesn”t require extending the rally indefinitely, which this afternoon”s FOMC policy statement will likely inhibit.

First Trade…
Exiting the open at 9:45 under 1975.25 would be unlikely to trigger the 1979.25 bias-up signal at 10:15. Exiting the open above 1980.00 would be likely to trigger bias-up.