The First Trade & Pre-open Tour Recording… Good timing.
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…
Rallying into two overnight retests of Monday night’s 2900.00 high had preceded Thursday’s 2898.00 open. But the opening hour ranged sideways to signal a Dry Cleaners morning. The morning bias environment’s exit collapsed under it 2891.50 low to 2885.50, and then only ranged sideways through the afternoon bias environment’s exit. The final hour bounced back up to 2893.50, which was too late and too shallow to confirm momentum had reversed back up. It was the seventh consecutive session of intraday ranging, supported at or above 2880.00 or 2886.00.
Overnight action’s new info…
Firming a little further through the Globex open attacked 2896.00. Ranging sideways through midnight continued attacking 2896.00. Not until after Europe’s opens did the range break, which it did with a vengeance. China economic and monetary developments triggered a spike up to 2900.00, which extended up to 2906.00. And now a consolidation there has resolved up to attack 2909.00.
If, then… (notes to accompany the Tour recording)
Fresh highs above 2900.00 remained likely as each of this week’s downlegs was weak-handed, and also each downleg was retraced. But is this only an obligatory probe of fresh highs. Extended narrowing ranges become vulnerable to breaking falsely in one direction before reversing more substantially in the opposite direction. So, fresh highs are vulnerable to reversing down, from anywhere in the 2902.00-2911.00 range. Not reversing down already through the open, at least as a warning shot, would become more vulnerable to extending in that direction — especially this being a Friday. And this being a Friday, reversing overnight strength early enough would be likely to reverse down sharply.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2904.50 would be likely also to exceed the 2902.00 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2898.00 would be likely at least to trigger the 2895.75 bias-up signal.