The First Trade & Pre-open Tour Recording… Got there.
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…
Gapping up 4-5 points Wednesday to 2787.75 didn’t ensure trending up. Or snapping back down. Gapping up did foreshadow a bullish resolution to ranging choppily sideways until the afternoon’s FOMC Minutes. The resolution wasn’t immediate, and it was as choppy as the earlier range. But the day’s second stage did eventually break higher touched the 2894.25 61.8% retracement of the gap back up to Monday’s close. A 5-point reaction down spiked back up at the close.
Overnight action’s new info…
Like yesterday’s second stage, choppiness has persisted, and it has resolved up. Wednesday’s last-minute spike up had continued firming through the Globex open, extending to touch 2900.00. That was a retest of Monday night’s high, where price had reacted down 7 points. Last night’s reaction down was 8 points, which has already extended lower after bouncing into Europe’s opens. But at 2890.00, another bounce began, its recovery now touching the earlier 2900.00 high.
If, then… (notes to accompany the Tour recording)
Stop me if you’ve heard this one before: There’s no “unfinished business” above, as 2902.00 is only likely to be touched. If anything was required, it was to reward Tuesday’s buyers for absorbing Tuesay’s late weak-handed pre-open drop to 2880.00 with a return to the drop’s origin. That was 2900.00, and that was tested overnight, twice. Its intraday test would be more satisfying, as would a test of 2902.00 or higher, which now seems like only a formality. If/Whenever 2902.00 is tested, the pattern remains vulnerable to reversing down intraday — suddenly, steeply, and substantially. Avoiding a reversal down or limiting its depth and duration could next target 2928.00.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2897.50 would be likely at least to trigger the 2895.00 bias-up signal. Exiting the open above 2904.00 would be likely also to exceed the 2902.00 bias-up target at 10:15 to renew the bias-up signal next targeting 2911.00.