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…
Tuesday”s open gapped up to its bias-up 2026.50 target and extended higher from there to fulfill the highest renewed bias-up target attacking 2035.00. Choppy backing-and-filling was likely to be only temporary, but it lasted a little longer and fell a little deeper than usual for the pattern. Regardless, the eventual resolution did extend well above the open”s high to test 2044.00.

Overnight action”s new info…
Ranging back down to 2039.00 began extending lower ahead of Europe”s opens. A 10-point surge from barely touching 2033.00 was retraced as quickly to 2039.00, and now almost all the way back down to 2033.00 amid non-conciliatory Greece debt headlines.

If, then…
There is no “unfinished business above” in-play, and yesterday”s buyers didn”t gain traction for their efforts. But the rally”s momentum nevertheless remains intact — with a path to probing above 2059.00-2062.50 intraday — so long as the open does not retrace the last relative low at 2032.00. If not rejected and recovered immediately, that could reverse the trend down to retest Monday afternoon”s range under 2000.00.

First Trade…
Exiting the open at 9:45 under 2032.00 would be likely also to trigger the 2035.25 bias-down signal 30 minutes later at 10:15. Exiting the open above 2039.00 would be unlikely to trigger bias-down.