The First Trade & Pre-open Tour Recording… A bouncy night, trying to break free.

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…
Friday’s open followed a steep and then deep drop from Thursday’s 2707.00 cash session close. Already greeting Globex at 2688.00, overnight action had extended down to 2646.00. A 26-point bounce into and out of Friday’s open quickly peaked at 2672.00, and then plunged 44 points to 2627.50. The post-open plunge was isolated between the bias environment’s entry and exit, which tends to hold on Fridays. The setup’s vulnerability to reversing up into the weekend was exploited only temporarily to 2692.00 as the noon hour ended. But another drop attacked 2641.00 before firming into the close — which was all over the place. Cash session ended at 2657.50 on the way up to 2672.00 before futures settled.

Overnight action’s new info…
A false start may be resolving up. Although Sunday night’s open quickly surged to 2682.00, the market then drifted gradually back down to 2660.00 ahead of Europe’s opens. Flat-to-higher ranging around 2667.00 suddenly launched a 16-point surge back to and through the open’s highs, perhaps in reaction China trade headlines. A second surge is now testing 2692.50, up sharply from Friday’s close, and now testing Friday’s intraday high.

If, then… (notes to accompany the Tour recording)
Friday’s entire session developed entirely in negative territory, gapping down and probing a prior low but not closing under it. That last characteristic puts the “ineffectual” in Ineffectual Pessimism, a setup that can launch a counter-trend bounce. Which the overnight bounce may be foreshadowing, but it still depends on Monday’s open isolating Friday’s session. Otherwise, overnight buying pressure will have been expended without gaining traction for the effort, and could create a rubber band effect that snaps back down to resume last week’s decline.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2674.25 would be likely at least to trigger the 2668.25 bias-up signal at 10:15. Exiting the open above 2681.00 would be likely also to recover the 2677.50 bias-up target at 10:15 to renew the bias-up signal.