The First Trade & Pre-open Tour Recording… AND A REMINDER.
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…
Sunday night’s 20-point gap up to 2783.50 had extended overnight to 2814.00, testing the three-week old high session’s range. Resistance there pushed back to greet the open at the 2798.00 earlier Globex low, which didn’t hold, forming a Globe-flip setup. The setup triggered Monday morning’s decline. The decline’s minimum likely target was the actual morning low at 2773.50, a 61.8% retracement between Friday’s cash session close and Monday’s opening print. A bounce up to 2790.25 was largely retraced through the afternoon bias environment. Closing lower would have signaled the Globex-flip would also influence Tuesday morning — bouncing to 2793.00 went out overlapping the afternoon high, neither reinstating the bearish Globex-flip nor terminating it.
Overnight action’s new info…
The Still overlapping the afternoon high blipped-up momentarily after the close to 2794.50. Trending down from there through midnight probed fresh lows attacking 2767.00. Bouncing back above yesterday’s low into Europe’s opens up to this morning’s 2780.25 bias-up signal. Correcting it with a 61.8% pullback is now bouncing again to attack 2784.00.
If, then… (notes to accompany the Tour recording)
REMINDER: I’M UNAVAILABLE BY NOON. PM BIAS PARAMETERS SHOULD BE AVAILABLE, BUT NO OTHER UPDATES UNTIL THIS EVENING… Gapping down under Monday’s low would suggest the Globex-flip is being reinstated by proxy. Lower lows have potential to 2763.00, but probably no lower before bouncing to keep alive the rally’s momentum. Any deeper would overlap Friday’s cash session “lower prior highs” when optimism needs to remain intact. None of which is indicated currently. If overnight selling has only stretched the rubber band to snap back up, fresh highs up to 2818.25-2823.00 would be in-play, albeit not necessarily today. Volume will diminish — probably less so than pre-weekend or pre-holiday evaporation, but still inhibiting sponsorship..
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2784.25 would be unlikely to trigger the 2780.25 bias-down signal at 10:15. Exiting the open under 2777.25 would be likely to trigger bias-down.