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”s flat-to-higher ranging finally probed a fresh high at 2079.00 just before noon. Price action has been flat-to-lower since then. The afternoon”s touch of 2069.75 reacted up 5-1/2 points into the close. Sellers had already gained traction — the bias environment was exited under the noon hour”s low, and the final hour was entered under both.

Overnight action”s new info…
Sunday night”s open ranged sideways between 2074.25-2077.50. It might have been poor economic news from China that sparked the first dip down to 2073.00. Europe”s opens didn”t help, and now Friday afternoon”s low is being retested down to 2067.75.

If, then…
Friday afternoon”s drop gained traction for its efforts. So, gapping up is the only way to ensure a test of positive territory today, if not also through tomorrow morning. Fresh lows are otherwise likely, perhaps even trending down. The overnight drop is finding support at what is this morning”s 2068.00 bias-down signal.The most bullish scenario today might be to fill the gap back to Friday”s 2075.25 close while ranging choppily in negative territory. Triggering bias-down would be more bearish near-term.

First Trade…
Exiting the open at 9:45 back above 2072.50 would be unlikely to trigger the 2068.00 bias-down at 10:15. Exiting the open under 2065.50 would be likely to trigger bias-down… Reminder: I am broadcasting from the road this week, so please let me know about audio quality or any other issues that I should address.