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…
Having recovered enough to open back above Friday”s 2032.25 low — despite having probed 7 point under it Sunday night — Monday morning extended the recovery until touching Friday”s 2039.75 high. A reaction back down to Friday”s low was also recovered entirely, and Monday”s last two timing windows ranged narrowly at the high. The 2038.00 bias-up signal was not rejected, so its 2043.00 bias-up target became “unfinished business above.”

Overnight action”s new info…
Monday afternoon”s narrow ranging had only narrowed, supported by 2038.00. A sudden spike up to 2042.25 was reversed back into the range, and through it to attack 2036.00. A brief bounce was reversed to retest 2036.00, where another bounce has returned to unchanged.

If, then…
Vulnerability is to the upside, as suggested by Sunday night”s failed pre-open dip, and by Monday”s recoveries only retesting prior highs. While it is correct to interpret the prior highs as being strong resistance, that only tells us a lot of energy must be expended to break higher — it doesn”t tell us the resistance will prevent a break higher, only that the break higher will likely be brief. First things, first — probes into negative territory should be absorbed entirely pre-open again to avoid a morning dip back to yesterday”s lows.

First Trade…
Exiting the open at 9:45 above 2043.00 would be likely also to trigger the 2041.75 bias-up signal at 10:15. Exiting the open under 2037.00 would be unlikely to trigger bias-up, and should at least test the 2034.25 bias-down signal.