The First Trade & Pre-open Tour Recording… Down for the duration.
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 Wednesday to 2658.00 and dipping immediately to 2651.00 was recovered to attack the 2667.00 overnight high. The bias-up environment extended through its exit to attack 2671.00, only touching Tuesday’s high. Up 39 points from the 2632.25 overnight low, and still only an “inside day,” which pre-holiday evaporation wouldn’t help to change. Instead, the afternoon ranged narrowly sideways at the afternoon’s 2662.00 bias-down signal. The 3:10-3:20 proxy window broke lower to retest the 2651.00 post-open low. Futures continued sliding to the 2647.75-2648.50 61.8% retracement between Tuesday’s close and Wednesday’s gap up, natural support.
Overnight action’s new info…
Wide, choppy ranging around Wednesday’s close had developed through midnight. Breaking lower into and out of Europe’s opens fell to what is Friday morning’s 2636.00 bias-down target. Its reaction consolidated back up to 2646.00 before breaking lower again to 2627.00 and ending Globex in a test of Tuesday’s 2632.50 lows. Thursday night ranged between 2634.00-2646.00, currently testing its lower-end.
If, then… (notes to accompany the Tour recording)
2654.00 and 2635.00 were the decline’s next lower targets. Their first tests were Tuesday morning, and reacting up had resolved back down into their retests. Having bounced back above them Wednesday, their retests today offer another opportunity to react up. Resolving down again would be likely also to resume and extend the decline, whether today or next week. Reacting up would be a little less likely to resume the decline next week, because the price action of today’s holiday-shortened session won’t be very predictive. Meanwhile, their retests need not react up post-open at all, and probably won’t if not reacting up very early.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2632.00 would be unlikely to recover the 2636.00 bias-down target by 10:15 to renew the bias-down signal. Exiting the open under 2640.75 would be likely at least to trigger the 2645.00 bias-down signal at 10:15.