The First Trade & Pre-open Tour Recording… Calling all cars.

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…
Gapping up 10 points Monday to 2773.50 surged to 2779.00 and back down again. But not so far as to reverse momentum back down, all but putting into play 2788.00. The open held its test as support to resume rallying into the noon hour up to 2785.50. Its correction held the morning’s 2779.00 high and resumed rallying again — into a last-minute surge that came within 3 ticks of 2788.00. Post-close action immediately fulfilled it, neither extending above it nor reacting down from it.

Overnight action’s new info…
The post-close extension quickly formed a Close-quarters Double Top. But for absorbing it, Monday’s rally resumed immediately, and steeply, testing 2796.00. (There’s what appears to be a bad print or very errant ticks up to 2797.75.) Pulling back into and out of Europe’s opens tested and retested 2788.00. Its support has pushed price back up to 2794.50, where the difference will be made between extending or dipping again to 2788.00.

If, then…
The 2788.00 target was essentially met Monday, but wasn’t rejected before the close, so gapping up Tuesday wasn’t going to be surprising. Already extending 8-10 points higher overnight created that much room to absorb the subsequent selling pressure before it could damage the chart, helping yesterday’s late high hold its test as support. And having done so, there’s no bullish reason to retest 2788.00 except for a post-open dip to quickly reverse up. Exiting the open in negative territory would more likely trend down through the morning.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2790.75 would be likely to trigger the 2789.75 bias-up signal at 10:15. Exiting the open under 2785.00 would be unlikely to trigger bias-up.