The First Trade & Pre-open Tour Recording… Extending higher, or not.
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…
Friday’s 2483.00 open had recovered from probing overnight under Thursday’s low down to 2438.50. And having trended down into Thursday’s close, gapping up above its 2474.00 afternoon high formed a “session-long rally” setup. Every timing window did probe its prior timing window’s high, except for the last two which consolidated under the noon hour’s 2439.00 high, back down to 2522.50. Usually only one window is an exception, but the setup still succeeded in avoiding any downtrending as it closed around 2531.00-2533.00.
Overnight action’s new info…
Sunday night’s open gapped up, albeit slightly and still within Friday afternoon’s range to 2537.00. Its reaction down to 2532.00 was quickly absorbed by extending to fresh highs attacking 2552.00. Trending down since then had retraced the 2532.00 earlier Globex low by midnight. Extending down since then has been probing negative territory, attacking the lower-end of Friday afternoon’s range at 2523.00.
If, then… (notes to accompany the Tour recording)
Successful session-long signals tend to extend through the following morning. Similarly, the missing window tends to be fulfilled the following morning, aggressively to compensate for the delay. Either way, the burden of proof is definitely on sellers. In this weekend’s Saturday Review we discussed the likeliest way for way sellers to retake control being through a Globex-flip setup. A Globex-flip is now being threatened as the overnight probe above Friday’s high has retraced back down to the 2532.50 earlier Globex low. And with the 2552.00 overnight high having fulfilled the bear market rally’s next higher objective at 2548.00-2555.00, reversing down could be that much more durable. Until the setup triggers, its reversal can be avoided and the morning can still probe fresh highs. And greeting the open with a Globex-flip that doesn’t trigger can be as bullish as the setup would have been bearish. Closing any higher would then target 2606.00, still all within the context of being a temporary bear market rally.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2532.00 would be unlikely to trigger the 2537.00 bias-up signal at 10:15. Exiting the open above above 2532.00 would be unlikely to trigger the 2524.50 bias-down signal.