The First Trade… Legs, again?

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…
Despite an overnight rally, despite gapping up, and despite triggering bias-up, Wednesday morning ranged sideways, supported by its 2090.75 bias-up signal. That launched a decline which expended a lot of selling pressure during the weak-handed noon hour window, touching the afternoon”s 2080.00 bias-down signal”s support. So, optimistic buyers had been retrained and then weak-handed buyers had been expended. The afternoon”s FOMC statement easily surged to fresh highs at 2098.50, dipping into the close back down to 2091.25.

Overnight action”s new info…
A late sell signal had triggered under 2093.00, targeting 2085.00 or 2082.00. Both were met. In fact, 2082.00 was touched by a blip-down that spiked back up into a rally back to 2093.00. Its reaction was recovered back up to 2096.50, which is reacting back down now to 2093.00.

If, then…
Yesterday”s pre-open and post-open optimism had only one bullish effect — it allowed a lot of selling pressure to be expended without damaging the chart. Yesterday”s FOMC reaction seems to have had that reaction, too. But that may depend on restraining optimism before the open. Gapping up would be vulnerable to repeating yesterday”s pattern of reacting down deeply. Yesterday afternoon”s 2098.50 high printed too late to form a reliable “session-long rally” setup, but it would be credible. Just getting through 2100.00 can make the difference between pointing to new highs, or else retesting yesterday”s lows.

First Trade…
Exiting the open at 9:45 above 2096.50 would be likely also to trigger the 2095.25 bias-up signal at 10:15. Exiting the open under 2091.00 would be unlikely to trigger bias-up.