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 opening dip held tests of the 2049.25 bias-down signal. Its offsetting test of the 2061.50 bias-up signal became unfinished business above, while choppy narrow ranging defined most of the session. The afternoon bias environment”s retest of 2057.00 reversed down through Pivotal Uptrending support that had formed. Its minimum objective of 2046.25 was probed by 4 points through the futures close.

Overnight action”s new info…
Reaction to Greece”s elections triggered an 8-point gap down that extended to 18 points at 2025.50. But the 2030.00 area held tests as support, eventually recovering to attack Friday”s post-close 2042.25 low. Its first approach missed by 1 tick, but it has now been pierced.

If, then…
Friday”s selling, and now last night”s have likely been a combination of two or three factors: Fulfilling the 2059.00 target Thursday, defensive posturing ahead of Greece”s elections, and now a reaction to their result. A lot of buying pressure has been expended overnight, but still remains well under Friday”s cash session close. That margin must be reversed entirely before the open to prevent the intraday crowd from reacting to Greece”s elections, too. Otherwise, a bullish morning would depend on the open gapping down nearer the overnight lows. Often, greeting the new week with extreme sentiment is often a sentiment extreme.

First Trade…
Exiting the open at 9:45 under 2039.25 would be likely also to trigger the 2040.75 bias-down signal at 10:15. Exiting the open above 2048.25 would be somewhat likelier to trigger the 2050.50 bias-up.