The First Trade & Pre-open Tour Recording… Giving back.
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 last-minute reaction down from the 2641.50 on INTC’s disappointment greeted Globex at 2634.00. The overnight rally greeted Friday’s open with a late surge to 2662.00 which held a post-open dip to 2656.00 support. The rally resumed through 2666.00 and filled the gap back to last Friday’s ~2671.00 close. Its natural resistance held, and held the afternoon’s retest up to 2672.50. That was also the bias-up target, rejected back under the bias-up signal to indicate that buyers were done as the afternoon trended back down to 2657.50. The cash session closed back at the 2662.00 pre-open high, extending through the close back up to 2666.00.
Overnight action’s new info…
Sunday night’s open gapped down just enough to erase the several-point gain above Friday’s cash session close. The balance of the night has trended down gradually, but relentlessly. Friday’s 2650.00 pre-open low was probed by more than 2 points, but its reaction is now tying to recover above 2653.00.
If, then… (notes to accompany the Tour recording)
Friday afternoon gained no traction for the morning’s rally effort. Closing between 2656.00–2666.00 avoided both putting back into play the bear market rally’s next higher objective at 2701.00, or suggesting that buyers were done. Monday’s open can do either by proxy, or at least lay the groundwork, with either setup still requiring a second consecutive confirming close. Opening under 2653.00-2656.00 could start to reverse the trend down, but would otherwise be irrelevant if not extended down intraday. And Friday’s session, which was gapped into, would resolve most bearishly by not filling the open’s gap down under it — or by not delaying a pre-open recovery. Not yet behaving bearishly through the open would suggest that overnight relentless bearish sponsorship was unable to attract intraday reinforcements.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2653.50 would be likely to trigger the 2658.25 bias-down signal at 10:15. Exiting the open under 2645.00 would be likely also to exceed the 2649.75 bias-down target at 10:15 to renew the bias-down signal. Exiting the open above 2622.00 would be unlikely to trigger the 2658.25 bias-down signal at 10:15.