The First Trade & Pre-open Tour Recording… Noisy, in the range-y.
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…
Gapping up Tuesday to 2728.00 extended higher to touch the rally’s next target at 2737.00. A deep reversal through the noon hour barely probed negative territory, but came within 1 tick of the afternoon’s 2722.00 bias-down target. Which itself can form a bottom, but its recovery was premature. Recovering to probe the morning’s high by 3 ticks up to 2737.75 began during the bias-down environment, from under its 2728.50 signal, which requires its eventual retest (and often also the 1:20 print, which was 2725.50). Reacting down through the 2735.00 cash session close extended to 2731.00.
Overnight action’s new info…
Tuesday’s late reaction down extended slightly lower at the Globex open to attack 2730.00. Sideways ranging up to 2735.00 persisted through the State of the Union and midnight. The range suddenly resolved down, sliding sharply through Europe’s opens to 2724.50. Its reaction up just tested the earlier range’s 2730.00 lower-end.
If, then… (notes to accompany the Tour recording)
A “pre-check” Email Alert this morning received zero bouncebacks, suggesting that yesterday’s Yahoo and Gmail issues are resolved. If you provided an alternative email address, you’re welcome to remove it from the distribution list at your leisure. As always, please check the Roadmap blog for the latest scheduled post if you ever suspect an Alert has not been delivered to you... The rally’s adjusted 2751.00 target and its room for noise up to 2757.00 remain in-play. Upside momentum isn’t intact, since yesterday’s late dip violated the afternoon rally’s last pullback limit. The rally was suspicious anyway, having left “unfinished business” below at 2728.50 if not also at 2725.50. Both were neutralized overnight, stopping short of Tuesday’s 2722.25 low to (so far) avoid reversing the near-term trend back down. that doesn’t reinstate upside momentum by default, still needing to trigger a buy signal. And like Monday’s open, that’s difficult to do from opening within the range, so the initial strategy will be to exercise patience, and to first consider fading a trending attempt.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2731.00 would be unlikely to trigger the 2727.75 bias-down signal at 10:15. Exiting the open under 2725.50 would be likely to trigger bias-down.