The First Trade & Pre-open Tour Recording… Firm to flat, but mostly flat.

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…
Tuesday night’s retest of Monday’s highs up to 2684.25 was retraced down to 2677.00 into Wednesday’s open. That wasn’t deep enough to resume the rally. Also, the open had slipped back under Monday’s prior highs, isolating the overnight gains and their upside momentum. So, the incredibly noisy wide morning bias environment eventually dipped deeper to 2672.00. That worked, snapping back up through the afternoon bias environment to 2700.00. The balance of the session ranged around it back down to 2691.00. The rally gained no traction for its effort.

Overnight action’s new info…
Wednesday afternoon’s ranging persisted until finally probing fresh highs before midnight. Hovering up to 2702.50 wasn’t moved by Europe’s opens, soon dipping to 2698.00. Its reaction has been retraced lower to 2696.50, unchanged from yesterday’s close.

If, then…
Having gained no traction for its effort Wednesday, a durable trend Thursday morning must begin by gapping open. Trending attempts aren’t otherwise required. But a trending attempt without gapping open is still possible, but shouldn’t get very far before reversing back through unchanged. Meanwhile, having probed yesterday’s highs overnight, opening back under the 2692.75 overnight low would be vulnerable to retracing yesterday’s rally. Holding an opening test of 2692.75 would instead launch a new rally leg.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2693.00 would be unlikely to trigger the 2690.25 bias-down signal at 10:15. Exiting the open under 2695.25 would be unlikely to trigger the 2701.00 bias-up signal.