The First Trade & Pre-open Tour Recording… Choppiness is alive and well.
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…
Wide overnight swings up to 2832.00 and down to 2814.50 had preceded Wednesday’s opening surge back up to 2831.00. Which led to another wide, choppy round-trip, as last week’s strong-handed distribution resumed. This stage is less patient, as seen in Wednesday’s late-morning collapse to attack 2791.50. The low stopped optimistically short of touching Monday’s ~2790.00 lows before a bounce tested and retested 2813.00 resistance into the close.
Overnight action’s new info…
Another multi-directional night. Dipping into Wednesday’s 2810.00 cash session close barely hesitated extending lower through the Globex open to touch 2795.00. All of which was retraced into Europe’s opens. A reaction there has recovered to probe positive territory. But at this point, 4-5 points into positive territory and attacking 2814.50 has yet to touch yesterday’s late 2816.25 high.
If, then… (notes to accompany the Tour recording)
Recovering from a dip is the basis for accumulation. But, accumulation by whom? By weak-hands, if they can’t recover the retracement back above a relevant resistance and through a relevant timing window. Last night’s dip didn’t probe yesterday’s low, but it was deep enough that its recovery would put buyers on offense for the morning. The line in the sand for qualifying as a recovery is only being attacked, and it’s meanwhile resistance, so sellers will have the chance for a fresh start through the open. And with the weekend approaching, either resuming the decline or invalidating it by attempting to close back above 2827.00 should start becoming obvious.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2813.00 would be unlikely to trigger the 2806.00 bias-down signal at 10:15. Exiting the open under 2803.50 would be likely to trigger bias-down. Exiting the open under 2813.00 would be unlikely to trigger the 2816.25 bias-up signal.