The First Trade & Pre-open Tour Recording… Looks familiar.
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’s 10-point gap up to 2646.00 extended higher through the open to test 2651.00 resistance up to 2654.00. And it was still within the gravitational pull of 2605.00, which had been put into play Tuesday afternoon. The balance of the morning resolved down into the noon hour, probing 4 points under Tuesday’s low to 2612.50. Still short of the 2605.00 objective, the afternoon’s bounce made it back up to 2639.50. Still far short of any trend reversal signal, the last half-hour ranged narrowly sideways to close at 2638.00-2639.00, almost flat with Tuesday’s close.
Overnight action’s new info…
Last night’s action resembles the previous night’s choppy sideways range. The Globex open initially dipped 6 points to 2631.00, and then reversed to probe the afternoon highs up to 2645.00. This has been repeated, with a shallow dip into Europe’s opens snapping back up to retest the earlier 2645.00 overnight highs. So far, the range’s upper-end hasn’t broken higher, leaving a sideways range.
If, then… (notes to accompany the Tour recording)
Back under 2632.00 overnight could have started to resume Wednesday morning’s decline. It was overlapped 2-3 times, chipping away at its support, and its reactions haven’t become uplegs. Retesting 2632.00 post-open would get one chance to break lower. Otherwise, holding a test of support or simply rallying would have room up to 2656.00-2666.00 before suggesting the past two sessions have been only a temporary detour. The bullish scenario could still be revived by exploiting the past two sessions’ intraday tests of last Wednesday-Thursday’s 2625.00 “lower prior highs,” which there’s no bullish reason to revisit. Meanwhile, monitor the overnight range for a late breakout attempt within 1-2 hours of the open, which is usually retraced.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2647.00 would be likely to trigger the 2643.00 bias-up signal at 10:15. Exiting the open under 2641.00 would be unlikely to trigger bias-up.