The First Trade & Pre-open Tour Recording… Another overnight tease.
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…
Monday’s late drop to 2784.00 had defined the overnight range, which was tested repeatedly to as low as 2782.25. Tuesday’s open was greeted back at the overnight range’s 2791.00 upper-end, which eventually extended up to 2794.00 at noon. Dropping into the final hour attacked the 2782.25 overnight low, where one more bounce took price back up to 2791.00. No new “unfinished business” was left outstanding, while the relevant 2793.00 level held a second consecutive test.
Overnight action’s new info…
Tuesday’s final hour bounce extended into the Globex open, and soon probed fresh highs up to 2796.00. The probe above the prior session’s highs — like Sunday night’s probe of fresh highs — was retraced back under prior intraday highs to 2789.25. Retraced, but not necessarily rejected. Now yesterday’s 2794.00 high has been recovered.
If, then…
The pattern remains alive as another probe above prior highs is reversed. Last night was the second overnight reversal, and yesterday’s intraday reversal originated from a couple of ticks short of a fresh high. So, today may be the last opportunity for the distributive pressures to prove whether its sponsorship has been strong-handed. The strong hands in this pattern may have been patient sellers letting buyers expend their energy. The pattern often ends in a threatening downdraft that extends or is miraculously saved, accelerating in either direction. This series of higher highs hasn’t yet included sucha make-or-break crossroads, but the combination of failed probes while creeping closer to the 2800.00 area makes a reckoning likelier.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2790.75 would be unlikely to trigger the 2792.50 bias-up signal at 10:15. Exiting the open above 2795.00 would be likely to trigger bias-up.