The First Trade & Pre-open Tour Recording… Back at it.
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…
Thursday’s wild ride had begun Wednesday afternoon, when its test of the room for noise up to 2626.00 began reacting down. The close had slid through 2613.00-2616.00 on the way to an overnight test of ~2598.00 “lower prior highs.” Thursday’s 2606.00 open immediately resumed the overnight recovery, attacking 2626.00 upon exiting the noon hour. Despite triggering bias-up, the bias environment only ranged sideways until a China trade headline triggered a surge to 2645.50. The headline’s denial triggered a 20-point reaction down that still recovered to close at 2635.00-2636.00. The minimum requirement from Tuesday’s confirmed breakout for at least an eventual third higher close was fulfilled, while closing above 2626.00 put into play the rally’s next higher objective at 2656.00.
Overnight action’s new info…
Firming a little further to 2640.00 through Thursday’s close reacted down to 2633.00 through the Globex open. The recovery soon resumed until attacking Thursday’s 2645.50 high to within 3 ticks. Ranging narrowly sideways through midnight greeted Europe’s opens back down at 2640.00. It wasn’t very defensive, but it was defensive enough, and the earlier overnight high was recovered. Another dip to the range’s lower-end was also recovered, and now breaking through yesterday’s highs up to 2649.25.
If, then… (notes to accompany the Tour recording)
Overbought RSIs at yesterday’s high had required a retest which is now neutralized. The only higher objective in-play is 2656.00, which can be invalidated by opening back under 2626.00, but no such effort is apparent — closing under 2606.00 today would be the last opportunity to invalidate yesterday’s close above 2626.00. Meanwhile, this afternoon’s bullish WedEX influence could help to extend a morning rally, or to retrace a morning pullback. Regardless, this being a three-day holiday weekend, any sponsored trending should take place this morning. And this being a Friday, the morning’s bias often persists through the noon hour.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2651.00 would be likely to exceed the 2647.50 bias-up target at 10:15 to renew the bias-up signal. Exiting the open at 9:45 above 2643.00 would be likely to trigger the 2640.00 bias-up signal at 10:15. Exiting the open under 2637.50 would be unlikely to trigger bias-up.