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…
Despite gapping up to new highs, pessimism remained alive and well. Friday”s gap up began retracing immediately. Its 10-12 point dip held the 2003.00 (+/- 2 ticks) preliminary support through 9:45, marginalizing sellers. A bounce stopped short of touching prior highs, and the balance of the session ranged sideways. Other pessimism included the gap up stopping short of retesting September”s 2014.50 outstanding “new Globex trend extreme,” let alone Thursday night”s 2016.75 new new Globex trend extreme.

Overnight action”s new info…
Sunday night”s open was essentially flat with Friday”s 2011.25 close. Touching Friday”s last-minute 2012.50 high reacted down, recently as low as 2007.00. Meanwhile the Nikkei has surged another 600 points. Europe is ranging flat-to-lower, too

If, then…
It”s a little late not to indicate a gap down if an Island Reversal were forming. Still ranging sideways much past the open would become too late to extend Thursday night”s rally this morning. So long as Friday afternoon”s 2004.75 lows aren”t touched, the open remains vulnerable to testing and probing unfinished business above, up to 2022.00.

First Trade…
Exiting the open at 9:45 under 2006.00 would be likely at least to test the 2003.75 bias-down signal. Exiting the open above 2011.00 would be likelier to at least test the 2013.50 bias-up signal.