The First Trade & Pre-open Tour Recording… A lively night.
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…
Trending up throughout Wednesday night probed above Wednesday’s intraday high at Thursday’s open up to 2791.00. It quickly reacted down to 2782.75 throughout the entire opening 15 minutes of volatility. The balance of the session wouldn’t seem so, but that opening drop created a position of weakness. Any rally it produces should be doomed to failure, which has yet to be evident as of Thursday’s close. Instead, the overnight rally resumed and extended up to 2800.50 through the noon hour’s exit. The balance of the afternoon ranged sideways down to 2795.00, or several ticks lower. The afternoon’s bias-up signal had triggered, leaving outstanding its 2804.00 bias-up target.
Overnight action’s new info…
Thursday afternoon’s pause soon ended after the Globex open, trending up to fulfill the intraday unfinished business at 2804.00. Consolidating there eventually resolved up to 2807.25, but only briefly. The extension above 2804.00 was retraced into Europe’s opens, then the extension above yesterday’s ~2800.00 highs was retraced after Europe’s opens. More so, the earlier overnight low was probed down to 2795.50. Its reaction attacked 2801.00.
If, then…
Despite a very last-minute surge that touched 2801.00, Thursday’s closing action was still overlapping Tuesday’s 2797.75 highs. Settling above it was too late to trigger a higher objective. Like Thursday’s opening “position of weakness,” that doesn’t prevent first probing higher, first. And it hasn’t. Separately, another setup has touched February’s 2800.75 “Pivotal” high, which puts into play a test of the 2809.00 and 2813.00 actual highs. Last night’s rally up to 2807.25 does not fulfill either of those targets. But neutralizing yesterday’s 2804.00 “unfinished business” and the near-term buying pressure that had created it. The door remains open to a downdraft before fulfilling the upside objectives, and having returned to the earlier overnight low, that downdraft would be more credible immediately than delayed.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2797.00 would be unlikely to trigger the 2804.00 bias-up signal at 10:15. Exiting the open above 2806.25 would be likely to trigger bias-up.