The First Trade & Pre-open Tour Recording… Big targets met, holding.
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…
An overnight rally that had far exceeded its bias-up parameters greeted Tuesday’s open at its 2727.75 renewed bias-up target. The rally resumed with little delay, and extended sharply higher to test its next objective at 2743.50 soon after noon. The bias environment’s probe higher up to 2748.00 was retraced to end the day still testing 2743.50.
Overnight action’s new info…
The rally hardly delayed resuming, and suddenly spiked up 10 points to attack 2756.00. Its reaction down was supported by 2751.00 as price eked its way back up through midnight to eventually touch 2757.00. There was complexity, creating a “new Globex trend extreme” that is all but required to be retested intraday. Trending back down into and out of Europe’s opens has pierced 1 point under yesterday’s 2747.75 high as support, reacting up to 2751.00.
If, then… (notes to accompany the Tour recording)
It’s important to note how this current upleg has unfolded: Closing above 2721.00 for its second consecutive session last Tuesday had established that one more higher target was in-play for the bear market rally — 2751.00, with room for noise up to 2757.00. Rather than extend, the rally immediately began retracing, resting on the laurels of a higher attraction to rescue it. Pullback objectives were met down to 2708.00-2709.00 and 2788.00-2690.00, and even exceeded to the next lower support at 2681.00-2682.00 Friday morning before the rally resumed. And it resumed without correction on the way to meeting its 2751.00 and 2757.00 targets overnight. Their Intraday test is preferable, and likely, while holding above yesterday’s range. Reversing back under yesterday’s last relative lows at 2741.50 and 2738.75 would start reversing the trend back down.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2751.00 would be likely to trigger the 2748.75 bias-up signal at 10:15. Exiting the open under 2743.75 would be unlikely to trigger bias-up.