The First Trade…. Fighting choppy waters and a slight undertow.

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 late-afternoon”s slide from testing 2089.00 was a suspicious lot of pessimism to appear suddenly, and it had stopped magically at the critical 2077.00 support. And it left “unfinished business above” at 2091.00. Not gapping open sharply in either direction Friday made the balance of the session likely to range choppily in the morning, and then to trend higher into the close. The choppy morning did resolve up, but only to test its minimum objective at 2088.00.

Overnight action”s new info…
Sunday night”s open firmed immediately to neutralize the 2091.00 attraction, and firmed a little further. Eventually, a 6-1/2 point slide attacked 2085.00. The slide had been retraced almost entirely before Europe”s opens, which triggered a surge to 2094.50. That reversed quickly back down to fresh lows attacking 2084.00. Its reaction has been consolidating between Friday”s 2087.25 cash session and 2089.50 futures closes.

If, then…
Extending higher at all Monday is likely to extend higher a lot, to 2095.50, 2099.25 and potentially also to 2105.50. But extending higher also means not quickly rejecting an early gain. Was the overnight failed surge coming out of Europe”s opens just a warning of that rejection, or was it foreshadowing it? It would be the actual rejection, itself, if its reversal were to extend down much lower here.

First Trade…
Exiting the open at 9:45 above 2093.25 would be likely also to trigger the 2091.00 bias-up signal 30 minutes later at 10:15. Exiting the open under 2082.00 would be likely at least to test the 2080.50 bias-down signal. Exiting the open under 2077.00 would be likely to trigger bias-down at 10:15.