The First Trade & Pre-open Tour Recording… Isolation rewarded. And rewarded 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…
Sunday night’s retest of Thursday night’s lows down to 2792.50 wasn’t retested intraday, but Monday morning’s 2796.00-2797.00 lows did probe under Thursday’s intraday lows. The entire morning bias environment continually challenged Thursday’s intraday lows, fulfilling the bearish WedEX indicator. Its influence ended as the bias environment lapsed, isolating the probe of negative territory. Friday’s bullish Isolation setup immediately began influencing the balance of the session, which rallied through the close to touch “unfinished business above” at the afternoon’s 2812.50 bias-up target.
Overnight action’s new info…
The Globex open formed a small Ascending Triangle before soon resuming Monday afternoon’s rally. The Isolation setup’s 2818.00 retest was fulfilled by midnight up to 2819.50. Gradually sliding back down 3 points suddenly plunged another 5 points at Europe’s opens down to 2811.00. But it was straight back up from there until attacking the overnight high to within 1 tick.
If, then…
This is a big decision point for the market. Not necessarily in terms of timing, but at least in price. And not necessarily intraday price, but in terms of the close. There is no further unfinished business above as Tuesday’s open approaches, so the rally depends upon intraday action creating one before the close. Sellers aren’t precluded from creating an objective below, but signaling the trend reversing down is unlikely so far above the prior session’s highs. The retest of last week’s 2818.00 highs was always likely to be probed intraday, and the least room for noise above it is 2821.00. The renewed bias-up target would be 2825.25. Reversing down from either would start to rob buyers of their traction, but probably not reverse the trend down. So, the morning might not even try reversing down, and could be much more motivated to probe last week’s highs.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2820.25 would be likely also to exceed the 2817.50 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2813.25 would be likely at least to trigger the 2811.50 bias-up signal at 10:15.