The First Trade & Pre-open Tour Recording… Extending.
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…
Mostly rallying overnight up to 2664.00 had been retraced to greet Tuesday’s open in negative territory under 2643.00. The 2636.25 earlier Globex low and morning’s 2633.50 bias-down signal were tested pre-open. Both held to avoid the overnight rally’s retracement from setting a bearish tone for the morning. Quite the opposite, the resolution proved as bullish as the setup could have been bearish if triggered. Quickly surging to 2675.00 was largely retraced, and another surge to 2674.00 was retraced again to a fresh low at 2640.50 while testing and holding the afternoon’s bias-down target. The bias environment exit surged again, extending to fresh highs at 2690.00 through the close. Three steep substantial surges, and it was still an inside day, well under Monday morning’s 2707.00 high.
Overnight action’s new info…
Flat-to-higher ranging broke higher after midnight, steadily extending to 2704.25 — a recently relevant area — Monday’s initial surge was testing 2704.50 resistance when it peaked. Reacting down 8 points was soon recovered entirely, briefly probing a fresh high up to 2706.50.
If, then… (notes to accompany the Tour recording)
Inside days tend to reflect weak-handed sponsorship. So, being biased upward suggests that strong hands are still sellers. That said, inside day or not, “weak-handed” buyers did produce a 41-point rally. Initially extending higher Wednesday would get a benefit of the doubt for extending higher intraday, regardless of its sponsorship strength. Extending through Monday morning’s high(where a deep reversal began) would next target Thursday’s late highs up to 2720.50 (where another deep reversal began). Otherwise, a morning decline depends at least on not extending the overnight high or renewing the bias-up signal, if not failing to trigger bias-up.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2692.50 would be likely to trigger the 2691.00 bias-up signal at 10:15. Exiting the open above 2704.50 would be likely also to exceed the 2700.50 bias-up target at 10:15 to renew the bias-up signal.