The First Trade & Pre-open Tour Recording… Last-minute plunge intact.
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…
Wednesday morning’s 2856.00 bias-down signal was hard fought. It had held a test overnight before being probed through the open. Its grace period was barely invoked, and then its signal barely triggered by 1 tick. And that was just the signal’s struggle. Its 2851.00 bias-down target was only attacked to within only 2 points before price reversed up aggressively to attack the 2861.25 overnight high. The noon hour’s dip back down to 2856.00 was recovered to a fresh high at 2862.50 as the position-squaring window opened. But 2856.00 wasn’t finished, as price plunged 10 points down to 2885.50 into the Globex open. “Unfinished business below” at 2851.00 was still outstanding.
Overnight action’s new info…
The plunge left price action stunned, and consolidating under 2856.00. No new selling has emerged, except into a couple of bounces. The first to 2858.50 found sellers into Europe’s opens. The second into 2860.00 has now reacted back down to 2856.00.
If, then…
Wednesday afternoon’s inability to gain traction and its last-minute plunge suggest the intraday bounce was a hopeful detour. Originating from a test of the 2851.00 target would have allowed in stronger-handed sponsorship. Instead the detour will inhibit patient stronger hands from defending 2851.00. We would anticipate stronger hands are already buying if today were gapping up above yesterday’s high. But that’s not currently indicated. More so, overnight action has only bounced, further inhibiting strong-handed buyers from trying to absorb fresh lows. Regardless, gapping up Thursday above Wednesday’s 2861.00-2862.50 highs would resume the rally, and only triggering bias-up would at least extend the detour. Upside potential would still be 2873.00-2883.00. Otherwise, under 2851.00 would next target 2841.00-2843.00.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2856.00 would be unlikely to trigger the 2859.50 bias-up signal at 10:15. Exiting the open above 2861.75 would be likely to trigger bias-up.