The First Trade & Pre-open Tour Recording… Dueling setups.
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…
Thursday’s 52-poiont slide from 2808.00 had bottomed early in the afternoon, and consolidated through the close back up to 2772.00-2777.00. Flat-to-higher overnight was apparently reassuring enough to trigger Friday’s opening surge up to 2800.00. But that soon peaked, and the open was retraced soon after noon. Friday afternoon’s bearish WedEX influenced price deeper to within 6 points of Thursday’s 2756.50 low. The final hour’s recovery attempt failed and buyers gained no traction for their efforts, while the bigger picture’s Ascending Triangle retracement was retained.
Overnight action’s new info…
Sunday night’s open gapped down to and through Thursday’s low, to what is this morning’s 2758.75 bias-down target. Extending lower soon tested 2750.00, where RSIs diverged positively on a retest to help launch a recovery back into positive territory above 2767.50-2769.00. Its test of 2779.00 at Europe’s opens reacted back down to 2770.00, and now its retest is trying to reverse back up and resume the rally.
If, then… (notes to accompany the Tour recording)
Regardless of any opening gap, resuming Friday afternoon’s bearish WedEX influence this morning should be more aggressive — which should be obvious by trending down as the opening 15 minutes of volatility lapses. That setup may find itself competing against the influence of an Isolation setup that maintains the recovery from having probed overnight under Friday’s lows — which should be obvious if that recovery is maintained through the open. Overbought RSIs at Friday’s high would be Monday’s likely attraction if the WedEX’s influence has disappeared, while resuming the decline would simply point down.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2780.00would be likely to trigger the 2777.00 bias-upp signal at 10:15. Exiting the open under 2773.00 would be unlikely to trigger bias-up. Exiting the open under 2762.75 would be likely to trigger the 2764.25 bias-down signal.