The First Trade & Pre-open Tour Recording… Already failing.

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…
Tuesday’s Inside Day began by rejecting a pre-open rally above Monday afternoon’s high. The combination of strength and reluctance produced a post-open reaction up from 2827.00 to 2842.00 at the bias environment’s high. Only 1 point higher was eked out during flat-to-higher ranging through the close, coming to within 1 point of Monday morning’s high. No new “unfinished business” was left outstanding. Trading exclusively above 2826.00 confirmed the bullish Isolation setup remains intact.

Overnight action’s new info…
Asia’s opens sent price down from 2843.00 to 2835.00 by midnight. Firming into Europe’s opens tested and retested 2839.50, and its shallow reaction had just begun recovering, when the news hit from Turkey. Almost two hours of relentless selling has extended down to 2821.75. Yesterday’s opening low is being probed by 5 points, under Monday’s 2823.00-2826.00 closes that yesterday’s opening low had stopped optimistically short of filling.

If, then…
Tuesday was an Inside Day with an upward bias, which doesn’t gain traction for its effort. It tends to resolve bearishly without gapping up the following day. Some sort of probe higher was likely, if not for the news, but the initial overnight dip suggests that a probe above yesterday’s high would have swung down sharply, anyway. So, what why assess a pattern that could have been, when it clearly won’t? Artificial selling from a headline reaction can have much more bearish implications if it exceeds the organic objective that would have fulfilled sellers, anyway. Friday’s confirmed breakout still has outstanding the requirement for at least an eventual fresh low close. Interim support is at 2818.00, but there’s room for that down to 2808.00 before suggesting a more durable drop underway. Only recovering yesterday’s 2831.00 open through this morning’s open would suggest otherwise.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2828.50 would be likely also to exceed the 2829.75 bias-down target at 10:15 to renew the bias-down signal. Exiting the open under 2831.00 would be likely at least to trigger the 2836.25 bias-down signal at 10:15.