The First Trade… Last gasp of sellers?

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…
Tuesday”s shallow gap up extended too late to gain traction. Its rejection from 2120.25 fell to 2111.25. Isolating the fresh lows to the noon hour reflected weak-handed sellers. In fact, the afternoon”s buyers gained traction for their efforts, exiting the bias environment above the noon hour”s high and entering the final hour even higher. The cash session”s close tested 2117.50. The one caveat was the relatively narrow intraday range undermining the traction, and needing to hold above 2113.50.

Overnight action”s new info…
Blipping-up to 2118.50 at the Globex open was the bounce”s peak. Trending back down touched 2113.50 before bouncing again to 2117.50 through Europe”s opens. Retracing that bounce found an air pocket under 2113.50 that plunged to 2108.50. Its reaction up to 2113.50 is now being retested.

If, then…
The traction gained by yesterday afternoon”s bounce can still be rewarded during this morning”s bias. It depends upon recovering back above relevant support through a relevant timing window. That”s where 2113.50 comes in, especially now that it has been probed below, and probed so substantially. The overnight low essentially held a test of this morning”s 2108.25 bias-down target. Avoiding its repeat, or at least dispensing with it quickly, should resume yesterday afternoon”s recovery in a giant proportion that is still targeting new highs. Otherwise, still testing yesterday”s lows — i.e. triggering bias-down — could shut the door to new highs until next week.

First Trade…
Exiting the open at 9:45 above 2115.25 would be unlikely to trigger the 2113.50 bias-down signal at 10:15. Exiting the open under 2110.50 would be likely to trigger bias-down.