The First Trade…. Found another hole.

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…
The air is thin up here. Wednesday”s opening drop bottomed upon neutralizing “unfinished business below” at
2119.25. Consolidation through the noon hour finally surged to 2132.25 in reaction to FOMC Minutes. The likely 5-point correction doubled, ending the day back at 2122.50 support.

Overnight action”s new info…
Holding
2122.50 through Wednesday”s close didn”t prevent extending through it into the Globex open, which tumbled to 2115.00. Flat-to-higher ranging reached 2120.00 ahead of Europe”s opens. A 3-point pullback has now recovered to attack 2121.00.

If, then…
Wednesday”s probe above the two prior sessions” highs originated from under their interim low. The probe was retraced entirely, back down to what had been the interim low. Avoiding a lower close didn”t prevent extending down, 7-1/2 points. Isolating that to overnight action would keep alive potential for attacking or probing the highs Thursday. But gapping up to reject Wednesday”s close does seem to be off the table. Meanwhile, participation will begin evaporating as the three-day weekend draws nearer. This environment enables a sudden, steep trending — and not necessarily in one direction or the other.

First Trade…
Exiting the open at 9:45 above
2122.50 would be unlikely to trigger the 2119.25 bias-down signal at 10:15. Exiting the open under 2117.25 would be likely to trigger bias-down.