The First Trade & Pre-open Tour Recording… Nearing the next target, on a Friday.
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 record-setting rally pulled back overnight, but not until after probing a fresh high up to 2481.50. Its reaction down to 2422.50 greeted Thursday’s open during a bounce up to 2445.00. The morning’s lower low at 2412.50 also bounced up to 2445.00. The afternoon’s lower low attacked 2396.00 to within 3 ticks. Any lower would no longer be only a correction of Wednesday’s record-setting rally. Meeting and holding corrective limits enabled the rally to resume, which Thursday’s last 60-90 minutes exploited fully. The minimum likely objective for fresh session highs above 2445.00 was doubled, attacking 2499.00 through the futures close — 102 points off the low.
Overnight action’s new info…
The surge’s initial reaction dipped to touch Wednesday’s 2477.75 high. Channeling higher into midnight probed fresh highs attacking 2506.00. Its pullback to 2582.50 hovered there waiting for Europe’s opens, which had a bullish effect. Now another upleg has come within 6 points of the next higher objective at 2519.25. Its reaction down is testing 2506.00 as support.
If, then… (notes to accompany the Tour recording)
Resuming and extending the rally today was likely to target 2525.25. Greeting the open there, or quickly meeting it, could induce the next reaction down. And the next reaction down need not be limited to just being a temporary correction. In other words, the rally from Tuesday night’s 2317.00 low can still qualify as the correction, as the bear market rally of an ongoing decline. Such is the potential influence of Friday Factors, which may already be responsible for yesterday’s portion of the recovery attempt. Not already reversing down by 9:45 could instead see the Friday Factors have a bullish influence. Extending to 2548.00-2546.00 or potentially 2606.00 could still qualify as only a corrective bear market rally.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2498.00 would be unlikely to trigger the 2502.75 bias-up signal at 10:15. Exiting the open above 2505.00 would be likely to trigger bias-up. Exiting the open above 2517.50 would be likely also to exceed the 2514.75 bias-up target at 10:15 to renew the bias-up signal.