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…
New highs up to 2039.00 overnight had reacted down through Tuesday”s open to 2031.00. Veteran”s Day holiday volume inhibited new sponsorship, so the dip”s test of Monday afternoon”s lows was recovered. But only up to 2037.75 — still a new high, but under the 2039.00 “new Globex trend extreme” that requires intraday retest. The balance of the session narrowed its range. Monday”s 2035.00 high essentially held as resistance at every relevant timing window.

Overnight action”s new info…
Globex wasted little time retracing Tuesday”s last-minute surge to 2037.50. Retracing, and then reversing back under Tuesday”s low to 2028.25. RSIs diverged positively into its test.

If, then…
Monday afternoon”s trend change warning had held Tuesday morning”s test as support. Its test was recovered back above Monday”s high, so there was no bullish reason to revisit Monday afternoon”s low — which last night”s slide proves. Recovering this overnight probe to open back above yesterday”s lows would turn this lemon into lemonade, putting back into play a test of Monday night”s “new Globex trend extreme.” Opening under yesterday”s lows wouldn”t necessarily trend down immediately. But any bounce it launched would originate from a position of weakness to make it only temporary.

First Trade…
Exiting the open at 9:45 under 2028.25 would be likely also to renew the bias-down signal by also exceeding its 2027.00 bias-down target through 10:15. Exiting the open above 2034.25 would be unlikely to trigger the 2032.75 bias-down signal.