The First Trade & Pre-open Tour Recording… Blips up and down.
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 rally from Friday’s 2628.00 close had extended up to 2666.00. Its correction down to 2655.00 was recovered and extended through Monday’s first half-hour to attack 2672.00. Which held a test of Wednesday’s prior high to form a base. That created a lot of room to absorb backing-and-filling. The 2652.50 noon hour low barely and briefly probed under the pre-open low, and held Wednesday’s lower-end. The post-open rally resumed until fulfilling its minimum objective of a fresh high attacking 2674.00. Flat-to-higher ranging through the close extended to test 2676.00.
Overnight action’s new info…
Headlines have batted about the market repeatedly. It began before the futures close when Trump comments immediately following the cash session close triggered a blip down to 2668.00. That extended lower at the Globex open until attacking 2655.00. Its recovery back up to 2668.00 reacted down to 2661.00. Then a couple of headlines took the market for a ride, the first one triggering a 23-point spike up to 2684.00, and then the second clarifying headline triggering a slide back down to 2660.00. Another bounce to 2674.00 has been retraced entirely, too, back down to 2659.50.
If, then… (notes to accompany the Tour recording)
But for Trump’s comments, yesterday’s close was a compelling hold-long. Although based on erroneous information that was corrected, the overnight spike and its reversal confirm two key characteristics of the potential upside. That extending higher at all should almost literally explode higher, especially above 2678.00. Overnight action also confirmed the 2660.00 downside support, which was tested several times. It’s being tested now, so we may see whether breaking its support will require forming another accumulative pattern before the recovery can resume. Its break still has room down to 2646.00 before reversing the trend back down.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2667.75 would be unlikely to trigger the 2664.50 bias-down signal at 10:15. Exiting the open under 2660.00 would be likely to trigger bias-down.