The First Trade & Pre-open Tour Recording… Back to square two.

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…
Last week had ended with a bearish opening setup whose influence tends to persist for several days, including Tuesday. Italy’s political instability also greeted the end of a 3-day holiday weekend, triggering an overnight slide that probed the lowest levels in over 2 weeks sown to 2690.00. Bouncing through the open briefly attacked 2710.00 and held “higher prior lows” before plunging to attack 2676.00. Its late-afternoon retest held, and recovered back to the afternoon’s 2691.50 high — more than 15 points off the lows but still down nearly 30 points from Friday’s close.

Overnight action’s new info…
Several swings between 2693.50 and 2685.50 contained price action before rallying into Europe’s opens. And out. No defensive posturing there, and so far no apparent need for it as the rally has extended relentlessly since then. Yesterday’s opening range is being probed up to 2707.75.

If, then…
Is the near-term bearish influence of Friday’s open done? Regardless, it is about to leave “unfinished business below” at the gap back down to yesterday’s 2688.50-2692.00 close. This is an attraction below, and not selling pressure. A trigger is still needed to resume the decline. Until then, more “higher prior lows” up to 2715.00 from the two-week range above can be tested and still contain the corrective bounce from yesterday’s lows.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2701.50 would be likely also to exceed the 2700.25 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2698.00 would be likely only to trigger bias-up.