The First Trade… Delayed bottom?

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 opening rally up to the morning’s 2001.50 bias-up signal was reversed through the morning to test the 1988.00 bias-down signal, and its room for noise down to 1985.50. A noon hour bounce to 1998.50 spent the afternoon probing fresh lows down to 1982.50. The slide gained traction, albeit as indecisively as possible.

Overnight action’s new info…
Initially firming back up to 1988.00 soon launched a rally that had retraced yesterday’s 1998.50 high into Europe’s opens. Ranging choppily there since then has touched 2000.00.

If, then…
Regardless of whether yesterday’s slide gained traction decisively, rejecting that traction requires decisiveness. That means gapping up this morning back above a relevant level. Immediately recovering the noon hour’s 1998.50 high would be optimal, but the afternoon bias environment’s 1995.50 high could suffice. Exiting the open any lower — especially if post-open action were to duplicate those levels’ overnight tests — would be vulnerable to probing under yesterday’s 1982.50 low by 2-4 points… WedEX was bearish, having closed successively lower from a multi-session range. Usually, that’s irrelevant until Friday, but it can be negated by proxy at Thursday’s open. That would require maintaining a gap up to and through 2002.25.

First Trade…
Exiting the open at 9:45 above 2002.00 would be likely also to exceed this morning’s 1999.50 bias-up target at 10:15 to renew the bias-up signal. Exiting the open under 1995.50 would be unlikely to exceed the bias-up target, and opening under 1988.00 would be unlikely to trigger the 1993.50 bias-up signal at 10:15.