The First Trade… Barely slowing.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Wednesday’s 2056.00 open was greeted back where Tuesday afternoon’s German soccer match threat had triggered a decline down to 2041.50. The balance of the morning trended up to probe Tuesday’s 2063.50 high. Reaction to the afternoon’s FOMC Minutes doubled the morning’s gain, testing 2082.50 where the prior week’s consolidation had peaked.  Buyers gained traction although they were largely rewarded by the close.

Overnight action’s new info…
A shallow pullback to 2078.00 soon resolved up to fresh highs at 2085.00. That has extended to test 2089.00.

If, then…
Wednesday’s WedEX was testing a prior high, instead of exceeding it or rejecting it. Thursday’s open can serve by proxy, and maintaining a gap up would be bullish for Friday afternoon. In the interim, the rally gained traction Wednesday afternoon, and a gap up is indicated, so not rejecting it could extending higher before noon. Otherwise, the rally since Sunday night and Tuesday afternoon does allow room for inverting down without reversing the uptrend.

First Trade…
Exiting the open at 9:45 above 2089.25 would be likely also to exceed the 2088.00 bias-up target through 10:15 to renew the bias-up signal. Exiting the open above 2085.75 would be likely to trigger the 2082.75 bias-up signal at 10:15. Exiting the open under 2079.00 would be unlikely to trigger bias-up.