The First Trade… Can’t shake the attraction below.

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 open under 2082.00 was already rejecting the overnight rally to 2087.00. The rejection extended down to 2069.50. Bouncing through the noon hour to 2082.50 essentially duplicated the overnight rally, including its reaction down back to 2069.50.

Overnight action’s new info…
Slightly lower lows tested 2068.00. That didn’t prevent bounces to 2075.00 and 2077.50, and they didn’t prevent dropping to fresh lows attacking 2065.00. Now another bounce is testing positive territory by attacking 2071.00.

If, then…
The overnight volatility is impressive. It continued yesterday’s pattern. Continuing yesterday’s pattern is the basis for suspecting that a fresh post-open low could be retraced, rejected and reversed to launch a new rally leg into the afternoon. So, until disproved by failing to recover from under Monday’s 2062.00 low through a relevant timing window, the pattern remains accumulative. The market doesn’t seem to be pursuing the alternative path higher which is to gap up — but that could change in a couple of hours, as it has changed from just several hours ago.

First Trade…
Exiting the open at 9:45 under 2066.75 would be likely to trigger the 2068.00 bias-down signal at 10:15. Exiting the open above 2072.50 would be unlikely to trigger the 2068.00 bias-down signal. Exiting the open above 2076.00 would be likely to trigger the 2073.75 bias-up signal.