The First Trade… Legs?

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…
Monday night”s drop back down to intraday lows at 2062.00 had evaporated by Tuesday”s 2074.50 open. That pre-open recovery extended through the day to 2088.75. The bias environment”s exit was above the noon hour”s range, but that momentum wasn”t confirmed. Still, the afternoon”s bias-up triggered, leaving outstanding its 2090.75 target.

Overnight action”s new info…
The Globex open immediately spiked up to touch 2090.75. Extremely narrow ranging supported by Tuesday”s 2088.75 high eventually broke higher into and out of Europe”s opens. Touching 2096.50 (this morning”s bias-up target) has reacted back down into the narrow range at 2089.75.

If, then…
“Grehetoric,” Greece+Euro+exit+rhetoric… Grehetoric has been pretty thick overnight, which is to say just slightly above normal. That didn”t prevent probing above yesterday”s highs, let alone push price into negative territory. Most of the earlier gain is now retraced, but from higher levels that can help to absorb the selling before it gains traction. Trending very far is unlikely before this afternoon”s FOMC events. So, retracing yesterday”s rally should be limited if attempted at all, while rallying should be limited to retesting overnight highs.

First Trade…
Exiting the open at 9:45 2093.50 would be likely also to trigger the 2090.75 bias-up signal at 10:15. Exiting the open under 2086.00 would be unlikely to trigger bias-up.