The First Trade.,, Keeping optimism well in-check.

Proper context can start the day with a solid win and make all the difference.

This morning”s chaRTroom links:

NOT xp-friendly (ilinc/Mitel)

XP-Friendly (Anymeeting)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Monday”s gap up to
2107.00 extended higher quickly. Already being above the morning”s 2103.00 bias-up signal, the open”s surge extended through its 2109.50 bias-up target. The 2114.75 renewed bias-up target was met before 10:15. Backing-and-filling through the noon hour held a retest of the 2107.00 open. But its reaction up to 2112.50 didn”t gain traction as the close dipped back to 2109.50.

Overnight action”s new info…
Drifting lower to
2104.50 finally found support into Europe”s opens. But a surge to 2111.75 was soon retraced, and now 2104.50 is being attacked again.

If, then…
Having failed to gain traction yesterday, the rally can resume this morning by gapping up and/or extending quickly through yesterday morning”s high. So, with the open less than two hours away, currently probing under yesterday”s lows must start retracing back into positive territory soon. Waiting until post-open before probing fresh highs would not prevent extending higher this morning, but it would likely force an afternoon reversal down. Resuming the rally from lower lows testing Friday”s high is still possible, but more difficult.

First Trade…
Exiting the open at 9:45 above
2112.25 would be likely also to trigger the 2110.75 bias-up signal 30 minutes later at 10:15. Exiting the open under 2104.25 would be unlikely to trigger bias-up, and likely at least to test the 2103.50 bias-down signal.