The First Trade & Pre-open Tour Recording… Can higher hold?
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…
Tuesday’s repeated tests of the 2803.00 area had failed to break higher, despite having an attraction up to 2811.25-2812.00. So, strong-handed buyers were sought at lower levels, and the overnight dip began finding them at 2785.50. Already beginning to to recover by midnight, and largely recovered before Europe’s opens, Wednesday’s open was greeted by gapping up to 2807.50. The morning’s bias environment surged through 2811.25-2812.00 up to attack 2824.00. A Complex Inverted Head & Shoulders formed during the noon hour to produce a brief surge up to 2826.50 that collapsed to test 2814.00, ranging sideways into the close.
Overnight action’s new info…
Despite Globex quickly firming up to 2823.50, it was all retraced back down to 2814.00 by midnight. And then it was all recovered, attacking 2825.00 and then retesting it. Resistance there proved itself as price collapsed back down to fresh overnight lows attacking 2811.00 close on China trade news.
If, then… (notes to accompany the Tour recording)
In case you couldn’t join is in real-time yesterday, the post-close In-depth Overview was recorded here. I also recommend (re?)visiting the more detailed discussions of Basic Concepts here. Your feedback is appreciated… The template for trending up intraday can’t tolerate initial weakness. Gapping up above 2824.00-2825.00 would serve by proxy to form a bullish WedEX, which is otherwise bearish for Wednesday having been contained within last Monday’s range. Probing above 2824.00-2825.00 intraday could still be productive up to the 2831.00 area, while being vulnerable to repeating yesterday’s collapse from probing fresh highs — but more substantially. Meanwhile, initial weakness that triggers bias-down would target Tuesday’s “lower prior highs” at 2801.00.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2817.50 would be unlikely to trigger the 2822.75 bias-up signal at 10:15. Exiting the open above 2817.50 would be unlikely to trigger the 2813.00 bias-down signal. Exiting the open under 2811.00 would be likely to trigger bias-down.