The First Trade & Pre-open Tour Recording… Non-starters.
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…
Thursday morning’s rally repeated Wednesday’s equally doomed attempt, doomed for buyers not having gained traction the prior day. That usually means they don’t try, but in these these past two instance they did. So, despite quickly recovering from a post-open 7-point plunge that probed overnight lows down to 2713.50, the morning bias environment reversed up to touch 2732.00. And despite having touched 2732.00, the afternoon bias environment reversed down sharply to touch 2711.00. A 12-point bounce into the close only pierced positive territory before dipping to attack 2716.00 into the close.
Overnight action’s new info…
A choppy range was able to get back up to resistance, and has converted it into support, but has been unable to get away from it. Blipping-down to retest 2716.00 snapped back up to the late-afternoon bounce’s 2723.00 peak — resistance. Probing gradually higher and higher eventually surged up to 2727.00 through Europe’s opens. No defensive posturing preceded it, which was unusual for this week. Which may explain the quick reaction down to 2720.00. Another attack on 2727.00 is also reacting down, back to 2723.00 — now support.
If, then…
At least it sounds bearish. Ill-timed rallies that doomed them to failure, tests of higher prior lows and prior highs that were rejected back under support, recovered dips that failed to gain traction. But sellers have yet to exploit these upside weaknesses. Yesterday’s rejection of the morning’s fresh recovery high by the afternoon’s complete retracement back down to the morning’s low still closed above Wednesday’s prior low. Although sellers gained no traction otherwise, but they can by proxy of opening weakly enough this morning. But there’s no assurance of that, as bearish WedEX’s influence is scheduled for this afternoon.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2727.25 would be likely to trigger the 2725.25 bias-up signal at 10:15. Exiting the open under 2721.50 would be unlikely to trigger bias-up.