The First Trade… More or less.

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…
Friday”s 10-point gap down extended another 10 points into late-morning at 2082.00. That was the session low. A bounce was retraced almost entirely into the afternoon, while several sell signals stopped optimistically short of touching the low. The balance of the session ranged sideways.

Overnight action”s new info…
Greece headlines triggered a 9-point gap down Sunday night. Friday”s outstanding 2074.00 target was probed by 2 points during choppy sideways ranging back up to 2081.50.

If, then…
Last night”s lows tested Tuesday”s “lower prior highs.” This is a possible low that we discussed during Saturday Review. Below it is the gap back to Tuesday”s 2072.25 futures close which was also touched overnight. Having bounced there, just touching Tuesday”s 2070.00 cash session close could find an air pocket down to 2059.50. Any one of these levels is capable of launching a reversal back into positive territory — already recovering at the open could rally sharply into Wednesday morning. But not rejecting the drop by noon would be unlikely to avoid a much deeper decline underway.

First Trade…
Exiting the open at 9:45 under 2072.00 would be likely to renew the bias-down signal by not recovering this morning”s 2074.00 bias-down target through 10:15. Exiting the open above 2084.25 would be unlikely to trigger the 2080.50 bias-down signal at 10:15.