The First Trade & Pre-open Tour Recording… Isolating both ends of the candle, again.

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’s open foreshadowed the session, and not just for ignoring several recovery opportunities. Its 5-point gap up first extended higher, and was soon reversing down on its way to fresh lows. The pattern repeated intraday, recovering again to fresh session highs well before noon. The balance of the session trended back down to retest the morning’s lows, which held through the close. Session lows retraced all of last week’s gains back down to the prior Friday’s close. Closing just 1 point under Monday’s close was essentially unchanged, but it wasn’t back above a prior high which would have trapped sellers — perhaps not a bad showing after the open had ignored its recovery opportunities.

Overnight action’s new info…
Globex immediately rallied out of Tuesday’s close to attack 2744.00. Its consolidation was contained within what is this morning’s 2735.50-2742.25 bias-up parameters. Buyers never attracted reinforcements before resolving down to 2725.00 well before midnight, where another consolidation formed around unchanged. Breaking lower again into and out of Europe’s opens slid sharply for two hours until touching what is this morning’s 2711.00 bias-down target. A two-hour rally from there back to unchanged around 2725.00 has recovered a brief dip to now test 2730.00.

If, then… (notes to accompany the Tour recording)
So, is the market stair-stepping its way down to the next lower targets, which are 2696.00 and then 2786.00? Last night’s low repeated Monday night’s momentary dip under the intraday low, albeit much later in the session than Monday night’s initial dip. Bottom-fishers haven’t been comprised of strong-handed buyers, as seen by ending each period at or near its lows. Strong-handed buyers would push a timing window through a relevant resistance — this morning, that would be back above yesterday afternoon’s 2740.50 high, which already held last night’s initial strength.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2715.00 would be likely to trigger the 2718.00 bias-down signal at 10:15. Exiting the open above 2721.75 would be unlikely to trigger bias-down. Exiting the open under 2732.50 would be unlikely to trigger bias-down.