The First Trade & Pre-open Tour Recording… An optimistic start.
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 weak reaction to Friday morning’s Employment Situation report was likely to be false. So, gradually dipping under the overnight range’s 2623.50 lows down to 2612.25 held its test of the 2620.00 bias-down signal before rallying back up through the open. And through the bias timing window, and into the noon hour. The morning’s rally was no-bias trending that would have required being retraced, except its sponsorship exited the bias environment above its bias-up target. The rally extend through the noon hour to trigger bias-up, exceeding the afternoon’s bias-up target to exit the bias environment at 2669.25. Its reaction down to 2657.00 bounced 6 points into the close, overlapping Wednesday’s 2658.50 high.
Overnight action’s new info…
Sunday night’s open spiked up slightly to attack Friday’s high, and soon surged to probe it up to attack 2673.00. Flat to higher ranging since then has held this morning’s 2668.00 bias-up signal tests as support. Attacks on this morning’s 2674.00 bias-up target are now being exceeded by a surge attacking 2676.00.
If, then…
Only overlapping Wednesday’s 2658.50 high at Friday’s close meant that extending to 2674.00 and 2684.25 was not necessarily in-play. Gapping up today could have qualified as a signal by proxy. Thta was until 2674.00 was neutralized to within 1 tick overnight. Now, the extension can be signaled by recovering 2674.00 through the open. A pullback through the open could still be absorbed, and ranging through the morning could resolve up. But touching 2674.00 must exit that window above it, or else risk attracting strong-handed sellers. Dipping back into negative territory wouldn’t be easily tolerated, nor would any price action that suggests Wednesday’s 2658.50 high is holding as resistance.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2664.00 would be unlikely to trigger the 2668.00 bias-up signal at 10:15. Exiting the open above 2670.75 would be likely to trigger bias-up. Exiting the open above 2677.00 would suggest the 2674.00 bias-up target will be exceeded through 10:15 to renew the bias-up signal, next targeting 2684.25.