The First Trade & Pre-open Tour Recording… Digging a deeper hole.
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 Globex high got between Friday’s 2744.75-2748.75 highs before reversing back down, and greeting Monday’s open at the 2729.00 earlier Globex low. The quasi Globex-flip setup didn’t exit the open any lower, which would have triggered the setup. But the morning trended down anyway to 2705.00. Perhaps that’s due more to the bearish WedEX’s aggressive stage of influence. Regardless, the afternoon didn’t exploit the WedEX’s influence having lapsed, and extended down to the bias environment’s 2681.00 low. A reverse / expanding triangle formed, and the proxy window briefly probed its 2698.00 resistance up to 2793.50 before closing back down within the triangle’s range.
Overnight action’s new info…
Flat-to-lower ranging into Europe’s opens had held Monday afternoon’s 2681.50-2693.50 lows. Lower lows after Europe’s opens broke down to 2673.50, where price has consolidated back up to 2681.50 for 3 hours. Now a very recent blip-down to 2673.00 has snapped back up to attack 2684.00, and then slapped back down to fresh lows testing 2672.00.
If, then… (notes to accompany the Tour recording)
If the Globex-flip influenced yesterday morning’s decline, then no afternoon reversal keeps alive its influence through this morning, too. At least, we’ll give that a benefit of the doubt so long as no reversal signal is triggered. Isolating the probe under yesterday’s lows to the overnight would form a reversal setup, or triggering bias-up. Otherwise, the decline’s next lower major objective is 2654.25. All of which puts last Thursday’s potential bottoming pattern in desperate need of confirmation by closing above a prior high, starting with recovering 2706.75 to start signaling momentum reversing up — a little seasonal bullishness this afternoon could do the trick, but look out below if not.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2686.00 would be unlikely to trigger the 2683.50 bias-down signal at 10:15. Exiting the open under 2682.00 would be likely to trigger bias-down.