The First Trade & Pre-open Tour Recording… No rest for you-know-who.
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 gap up to the morning’s bias-up signal failed its attempt to extend higher, putting into play an offsetting test of the bias-down signal (2747.50 basis Sep). Probing back under Monday-Tuesday’s highs barely touched Tuesday’s cash session close before reversing back up. And up, and up, and up. The morning’s bias-up target was reached — but held into the noon hour, when recovering it could have invalidated the morning’s bias objective. The afternoon bias environment’s bias-up made no progress until the bias environment began lapsing. The delay was compensated by resuming the rally through its bias-up target. Buyers gained traction into the final hour, which might have been fulfilled by extending higher into and out of the close. Nevertheless, closing above the Monday-Tuesday multi-session range was a breakout, awaiting confirmation of a second consecutive higher close Thursday.
Overnight action’s new info…
Extending 2 points higher through Wednesday’s close to 2778.50 was retraced to 2774.00. Then the rally resumed into and out Europe’s opens to 2783.50. Reacting back down tested yesterday’s cash session close at 2776.00, which has bounced several points.
If, then…
REMINDER: The front-month rolls forward to Sep at Thursday’s open, which is trading at a 4-point premium to Jun... Already fulfilling the next higher objective yesterday at 2769.00-2770.25 — let alone trending through it — on the same day as first decisively exceeding its 2747.00-2751.00 trigger — isn’t likely to hesitate extending higher if the rally remains intact. Already dipping back down to unchanged does threaten to also test the earlier 2774.00 low, which would qualify as that hesitation. But maintaining a recovery above 2778.50 would be likely also to extend yesterday’s breakout.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2781.50 would be likely to trigger the 2779.00 bias-up signal at 10:15. Exiting the open under 2775.50 would be unlikely to trigger bias-up.