The First Trade & Pre-open Tour Recording… Making an effort.
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’s open teased at launching another gap-and-run session. The open did gap up 8 points to 2742.00, and almost immediately extended another 8 points to 2749.25. That post-open surge was retraced almost immediately, too, but the gap up was maintained. Its extension never really repeated, nor was it rejected, containing all price action for the balance of the session. The 2743.00-2747.00 target area was thoroughly tested, and its range defined the session’s mid-range. Its upper-end defined the close — fulfilling buying pressure, without gaining traction or rejecting it.
Overnight action’s new info…
The 2743.00-2747.00 not only persisted initially overnight, and was also influential, pushing price back down from its upper-end to its lower-end. the lower-end was tested down to 2742.00 before midnight, then touched again at Europe’s opens. Quickly recovering back up to 2747.00 worked higher its way higher to attack 2752.00. A reaction down is now testing yesterday’s 2749.25 high as support.
If, then…
Yesterday was the first close above a 2-week trading range. Last week began with the first close under the same 2-week trading range. It was recovered back into the range instead of producing a second consecutive lower close. The pattern is slightly different now — especially having closed within 2743.00-2747.00 resistance instead of beyond it — but no second consecutive higher close today would still not be bullish for the rally effort. Yesterday’s highs are only being overlapped overnight, but that’s still an effort. So, dipping back to the overnight lows can’t be relied upon to recover. Holding at or above yesterday’s lows would keep the door open to extending higher.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2753.25 would be likely to trigger exceed the 2751.00 bias-up signal at 10:15. Exiting the open under 2747.00 would be unlikely to trigger bias-up.