The First Trade… Getting deep.

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…
Gapping down Wednesday to 2084.25 extended down 18 points to 2066.50 through the morning”s bias environment. Greeting the prematurely leaked FOMC Minutes from 2077.00 was soon extended 16 points to test 2093.00. But no matter how sizable, that leg had originated during a no-bias environment, requiring its complete retracement. A shallower bounce was retraced back down to 2077.00 into the cash session close, and then down to 2071.50 through the futures close

Overnight action”s new info…
Initially bouncing through midnight to retest 2077.00 was suddenly reversed back down through Wednesday”s late lows to attack Wednesday morning”s lows around 2067.00. Consolidating there through Europe”s opens eventually gave way to a 14-point drop touching 2053.50 — 40 points under yesterday”s high.

If, then…
Yesterday”s gap down attracted new sponsorship after the open to extend the overnight decline. Last night”s drop may be overly-discounting that possibility. Lower lows were likely, and this action is in-line with the recent trend, But tomorrow”s option expiration may be exacerbating the decline as exposure is readjusted en masse. The result need not be a morning rally, but extending down more deeply would be difficult. Meanwhile, gapping down under yesterday”s low can turn yesterday”s WedEX more bearish by proxy.

First Trade…
Exiting the open at 9:45 under 2060.00 would likely not recover the 2062.00 bias-down target through 10:15, thereby renewing the bias-down signal. Exiting the open above 2065.00 would likely hold above the 2062.00 bias-down target through 10:15 to avoid renewing the bias-down signal