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The First Trade… Expiring up? – If, Then… Market Timing

The First Trade… Expiring up?

By Rod David | June 19, 2015 - 7:22 am

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…
Thursday”s 7-point gap up to Wednesday”s 2098.75 high quickly extended higher. The air pocket located above 2101.00 triggered a surge that extended higher through the noon hour to 2119.00. A reaction down to 2110.00 was largely retraced as the afternoon ranged choppily into the close… Thursday”s gap up served by proxy to trigger a late active bullish WedEX signal.

Overnight action”s new info…
Ranging between 2111.00-2114.00 narrowed into Europe”s opens, which launched a climb to 2117.75. Price action since then has been narrowing around this morning”s 2116.25 bias-up signal.

If, then…
WedEX is a Friday afternoon influence, so it doesn”t require the morning to trend up. This being an expiration session, trending through the opening 15 minutes is likely to trend in that direction throughout the day. Regardless, there”s no bullish reason to probe back under yesterday afternoon”s lows.

First Trade…
Exiting the open at 9:45 above 2118.00 would be likely also to trigger the 2116.25 bias-up signal at 10:15. Exiting the open under 2111.75 would be unlikely to trigger bias-up.

Posted in S&P, The First Trade