The First Trade & Pre-open Tour Recording… Not so fast.
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…
Sunday night’s rally actually started after midnight. Its first rally, which got up to 2729.50 before retracing back down to its 2720.00 origin. The second rally extended through the open up to 2733.25 before reacting back down even lower to 2717.00, perhaps in sympathy with the NDX collapse. Two overwhelming reactions weren’t enough to prevent a third rally from briefly probing a fresh session high during the morning’s bias environment. That one wasn’t reversed, but waited to extend higher until the afternoon bias environment attacked 2744.00. “Unfinished business” was left outstanding by the morning’s bias parameters at 2709.50.
Overnight action’s new info…
For all of yesterday’s choppiness, the market is almost right back where it started. Having ranged sideways since Monday afternoon’s bias environment began lapsing, Globex gradually crept higher to attack 2746.00. A shallow dip was recovered to retest 2746.00 in time for its reaction to begin sliding into and out of Europe’s opens. That slide has retraced to within 1 tick of Sunday night’s first failed that got to 2729.50.
If, then… (notes to accompany the Tour recording)
The door is open to rejecting all of yesterday afternoon’s rally by gapping down to and or through 2731.00-2733. Which is currently being threatened. Also being threatened is a Globex-flip, after having probed above yesterday’s highs and now indicated to open under the 2738.00 earlier Globex low. The setup’s likely objective would be “unfinished business” at 2709.50. Forming the setup without triggering it could be as bullish as it would have been bearish. So, exiting the open back above the 2738.00 earlier Globex low would reinstate yesterday’s rally. It had fallen short of closing above 2743.00, which would have put into play 2748.00. But that would be back in-play, and probably also Friday’s opening gap back up to 2751.00.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2739.25 would be unlikely to trigger the 2734.50 bias-down signal at 10:15. Exiting the open under 2730.00 would be likely to trigger bias-down.