The First Trade & Pre-open Tour Recording… All gone.
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…
A durable bottom all but requires probing under Wednesday afternoon’s 2907.50 plunge lows. That didn’t prevent Thursday’s open from gapping up to and through what had been “lower prior highs” at 2914.00, and extending above the critical 2919.00. Extending higher didn’t invalidate the downside requirement, either. And the extension was substantial, persisting through the bias environment, into and out of the noon hour up to 2932.00. Dropping 15 points from there down to 2917.00 expended a lot of selling pressure in a short time frame, and avoided closing under 2919.00. But Thursday afternoon’s sellers gained traction — exiting the bias environment under the noon hour’s low and entering the final hour even lower — keeping alive Thursday afternoon’s selling pressure into Friday morning.
Overnight action’s new info…
Thursday’s late bounce up to 2922.00 was immediately retested at the Globex open. It extended to within 1 tick of this morning’s 2924.50 bias-up signal. Things have changed greatly since then. An aggressive drop through Europe’s opens probed under yesterday’s afternoon’s low to 2915.00. Its reaction up has fallen to lower lows under yesterday morning’s low at 2911.75.
If, then… (notes to accompany the Tour recording)
Closing back above 2914.00 and (barely) 2919.00 creates a position of strength to help recover from lower lows. Which will be needed, because the traction gained by Thursday afternoon’s drop makes Friday morning likely to trend lower. Overnight lows are only now testing yesterday morning’s low, so the Isolation setup is probably moot. Meanwhile, probing under Wednesday’s 2907.50 low has room to 2900.75 while still being likely to recover 2914.00 and 2919.00 through the close. Closing much lower than that would threaten to extend deeper into next week.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2915.50 would be likely to trigger the 2916.25 bias-down signal at 10:15. Exiting the open above 2919.00 would be unlikely to trigger bias-down.