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…
Friday morning”s range felt even wider than the 7 points it covered between 2032.50-2039.50. Four swings each stretched almost the entire range. The afternoon slowed the pace, but didn”t shrink the range. Another swing down through the noon hour and into the bias environment”s exit was recovered yet again back to the morning”s highs. But the cash session close was still testing 2035.00, and futures extended to 2039.50 resistance.

Overnight action”s new info…
So much for choppy swings. Sunday night”s Globex open immediately rejected the post-close probe above 2035.00. The rejection extended under Friday”s 2032.50 low — and under Thursday”s 2027.00 lows — to 2025.25. The 10-14 point drop was retraced temporarily back up to 2035.00 through Europe”s opens. But Friday”s lows haven”t been recovered.

If, then…
Friday morning”s wide-ranging choppiness on any other day would have produced trending through the afternoon. The overnight dip both suggests as much, while also satisfying the breakout potential. But unless Friday”s low remains broken through the open, another recovery to Friday”s upper-end would be likely. Maintaining the break under Friday”s low through this morning”s open could put the market on defense through tomorrow morning.

First Trade…
Exiting the open at 9:45 under 2031.75 would be likely also to trigger the 2030.00 bias-down signal at 10:15. Exiting the open above 2039.50 would be likely to trigger the 2040.25 bias-up signal.