The First Trade & Pre-open Tour Recording… News-driven.
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…
Tuesday night’s 20-point slide greeted Wednesday’s open at Monday’s close and under Friday’s lows, which served as resistance to the balance of the session. The open’s 23-point collapse to 2803.00 never extended any deeper any later, but it contained two intraday rallies. Barely, in the second rally’s case, which was just shallow enough to fulfill the fresh low close that Friday’s confirmed breakout had required. The morning’s low stopped 1 point short of its room for noise under the decline’s 2808.00 objective, which held two tests as support. The knee-jerk reaction to a headline coincided with an existing 2811.00 buy signal to produce the session’s second rally leg. The cash session’s 2819.00 closing equivalent was still overlapping 2818.00, a pivotal level that had served to attract morning sellers and now also afternoon buyers. Actively bearish WedEX triggered, as barely as Wednesday’s close had fulfilled the outstanding requirement for an eventual lower close.
Overnight action’s new info…
Fluctuating around yesterday’s close was almost reversing when another headline (China sending delegation to U.S. for trade talks) triggered another favorable knee-jerk reaction. Its surge tested and retested 2832.00 before dipping to 2825.50 into and out of Europe’s opens. But that found support to launch another upleg probing higher to 2837.25.
If, then…
Did I mention yesterday that the door remained open to probing fresh lows Thursday down to 2802.00? Only three times, noting each reason why (including the afternoon’s 2811.00 headline origin being an attraction below). Reaction to overnight news has made that less likely — so long as the open gaps up enough launch a recovery leg, as I also noted. Interestingly, that’s Friday’s 2826.00 and 2832.00 “higher prior lows” (now support, assuming their recovery through the open), whose solid breaks yesterday had finally invalidated Monday’s bullish Isolation setup. Gapping up would also serve by proxy to invert yesterday’s bearish WedEX. WedEX’s inversion is official if maintained through the opening 15 minutes of volatility, which would also negate any near-term attraction back down to 2802.00. The rejection of attractions below typically accelerates the pace of trending to attractions above.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2832.00 would be likely also to recover the 2830.50 bias-up target through 10:15 to renew the bias-up signal. Exiting the open above 2828.00 would be likely at least to trigger the 2824.50 bias-up signal.