The First Trade… Good to the last drift.

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 opening surge to 2106.75 had extended the pre-open firming form a narrow 5-point 2095.00-2100.00 overnight range. That narrow range had begun late Wednesday morning, after spiking up on anti-Grexit headlines. Another headline countered the 24-hour old bullish news, driving price back under 2100.00. The balance of the session ranged sideways narrowly again.

Overnight action”s new info…
A gradual drift to fresh overnight lows greeted Europe”s opens by firming to 2100.00, but resuming the drift touched 2095.00. Reacting up again pierced 2101.00, where Europe”s opens were greeted.

If, then…
A series of lower highs and lower lows since yesterday”s opening high has dropped 12 points. The slope has been shallow, so a lot of selling pressure has been expended without probing a prior low. This is not a buy signal, but it is a basis for expecting a buy signal to be very productive, very quickly. Similarly, nothing prevents extending down further — but a sell signal is less likely to be productive since so much selling pressure was expended already. Regardless, this being a Friday, the morning”s bias is likely to persist through the noon hour.

First Trade…
Exiting the open at 9:45 under 2094.25 would be likely to trigger the 2095.75 bias-down signal at 10:15. Exiting the open above 2102.75 would be unlikely to trigger the 2095.75 bias-down signal. Exiting the open above 2106.50 would be likely to trigger the 2105.00 bias-up signal at 10:15.