The First Trade… Overnight rallies 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…
Tuesday night”s rally up to 1923.00 was reversed into the noon hour”s 1875.00 low. Despite still probing fresh lows so late in the noon hour, it launched a recovery back to the open”s 1918.00 high. Buyers gained traction for their efforts by exiting the bias environment above the noon hour”s high and then entering the final hour above the bias environment”s high. The final hour extended higher to 1943.00.

Overnight action”s new info…
Initially firming up to 1950.00 was retraced down to 1935.00 ahead of Europe”s opens. That enabled an actual rally leg to extend up to 1964.50. Its reaction down is attacking 1955.00.

If, then…
If not rejected at Thursday”s open, then yesterday”s buyers will be rewarded with control of this morning”s bias environment. And if not rejected going into the afternoon”s bias environment, this morning”s rally would be likely to extend. The overnight rally could be retraced to only a slightly positive starting point before rallying back to its 1964.50 high, with potential for extending up to 1986.00, 1996.00 and 2000.00.

First Trade…
Exiting the open at 9:45 above 1950.00 would be likely also to trigger the 1948.50 bias-up signal at 10:15. Exiting the open above 1960.50 would be likely also to exceed the 1956.50 bias-up target at 10:15 to renew the bias-up signal. Exiting the open under 1947.00 would start to signal the 1948.50 bias-up signal won”t trigger.