The First Trade & Pre-open Tour Recording… It’s on.
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…
Monday was paralyzed by anxiousness. The session was caught between two external inputs: China tariffs going into effect triggered a gap down to 2930.00 Sunday night, and fear for a response kept the overnight range trapped between 2925.00-2930.00. Post-open action quickly tested relevant supports at 2921.25 and 2919.00. Political intrigue triggered a blip-down to test 2918.00 that was otherwise irrelevant, and quickly absorbed. Ultimately, intraday selling pressure didn’t extend, but neither was it reversed, as bounces kept probing back above the 2925.00 overnight lows. The afternoon’s bounce missed a couple of setups to gain traction, and no new “unfinished business” was left outstanding.
Overnight action’s new info…
Monday’s recovery back above 2925.00 initially ranged flat-to-lower from the Globex open. Recovering into Europe’s opens extended steadily back up to Sunday night’s 2930.00 highs, and to this morning’s 2930.50 bias-up signal. Suddenly, price is surging back up above Friday’s lows to test 2933.50.
If, then… (notes to accompany the Tour recording)
Having failed to gain traction Monday afternoon, rallying Tuesday morning all but requires gapping up. And being likely to rally, this morning was likely to gap up. Overnight action is certainly trying, but it must still negotiate Friday’s “higher prior lows,” and of course this morning’s bias-up signal. Otherwise, another intraday dip is possible while still being likely to recover last week’s highs — perhaps to “lower prior highs” at 2914.00 — so long as 2919.00 recovers through the window that probes it.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2932.50 would be likely to trigger the 2930.50 bias-up signal at 10:15. Exiting the open under 2927.75 would be unlikely to trigger bias-up.