The First Trade & Pre-open Tour Recording… Comfier at the lows.
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…
Overnight action had trended down relentlessly to test “lower prior highs” at 2708.00-2709.00 ahead of Thursday’s open. A little deeper post-open test down to 2685.50 initially held, but the morning’s bias environment ultimately collapsed to its next lower objective at 2688.00-2690.00. The noon hour held two tests of 2685.50 and the balance of the session gradually recovered back up to 2705.25.
Overnight action’s new info…
Thursday afternoon’s bias environment had been contained by 2700.00 and only the last half-hour had surged to 2705.25. Globex immediately began retracing the late surge, and then some, until touching the upper-end of 2688.00-2690.00. Ranging sideways through midnight suddenly found life at Europe’s opens, rallying up to 2699.00. The effort peaked under yesterday afternoon’s pre-surge 2700.00 highs. Quickly reversing back down held a couple of tests of 2693.00, and is now collapsing to probe the lower-end of 2688.00-2690.00 (to within 1 tick of the 2687.00 bias-down target).
If, then… (notes to accompany the Tour recording)
REMINDER: I’m away from the screens when the afternoon bias environment begins lapsing at 2:30 ET. There will be no Market Wrap or Saturday Review… Thursday’s close was neither here, nor there. Closing under 2701.00 after probing under it intraday would have signaled a much deeper drop underway. Closing back above 2708.00-2709.00 would have signaled that sellers were absorbed, and that momentum had reversed up. Gapping up or down enough could serve by proxy to suggest that either setup is developing anyway — subject to confirmation through the close. Gapping down enough means under Thursday afternoon’s 2689.00 low, which could also form a “session-long decline” setup. At least its test is currently being threatened. Holding its test through the open could instead form a low that recovers intraday.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2690.75 would be likely to trigger the 2695.00 bias-down signal at 10:15. Exiting the open above 2698.00 would be unlikely to trigger bias-down.