The First Trade & Pre-open Tour Recording… Narrow ranging.

Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Probing well under Monday’s 2892.25 low down to 2883.50 was recovered to greet Tuesday’s open at or above 2897.00. Probing lower only overnight formed the basis for an Isolation setup, to be rewarded by recovering Friday’s 2917.25 overnight high. Quickly extending the open up through Monday afternoon’s last relative high at 2903.00 served by proxy to signal the two-day pullback had ended, also implying a recovery of prior highs. Both were fulfilled Tuesday afternoon. Their tests up to 2917.75 held, as the close reacted down to attack 2910.00.

Overnight action’s new info…
Bouncing up to 2915.25, which is this morning’s bias-up signal, reacted down to 2909.00. Another bounce was shallower, bouncing only to 2913.25, which has defined price action ever since. And currently, the range’s lower-end at 2909.00 is being attacked.

If, then… (notes to accompany the Tour recording)
Retesting Friday’s highs shouldn’t be the recovery’s ultimate objective, but incidental to the uplegs now underway. A top should not be forming, although Wednesday might appear that way. The Yom Kippur holiday’s thinner volume will inhibit probing a prior extreme, which enables retracing recently covered ground. A pullback could easily dip to 2903.00 alone as noise. That said, thinning volume can make it difficult to stop price that extends higher anyway, which an appropriate catalyst could trigger.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45  above 2909.00 would be unlikely to trigger the 2908.00 bias-down signal at 10:15. Exiting the open under 2912.25 would be unlikely to trigger the 2915.25 bias-up signal at 10:15.