The First Trade & Pre-open Tour Recording… Obligatory break.
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…
Already rallying overnight up to the 2674.00 objective created a new requirement for extending the rally, or else it would fail. The requirement was fulfilled by exiting the open above 2674.00 to prevent trapping shorts. Renewing the bias-up signal a half-hour later helped, too. But the next higher target at 2684.25 was only attacked, and only eventually, as the underlying strength’s influence mostly applied to recovering dips. The afternoon’s probe to fresh highs only stretched the rubber band up to 2681.50, and then snapped it back down to 2662.50. Oversold RSIs and the gap back down to Friday’s futures close provided obligatory support that reacted up to its 2672.00 objective.
Overnight action’s new info…
Yesterday afternoon’s drop has resolved down, but not immediately. Monday’s late bounce up to its 2672.00 was initially retraced to test 2665.00 through the Globex open. Two more attacks on 2672.00 reacted down to higher lows, forming an Ascending Triangle. Blipping up at Europe’s opens only stretched the rubber band, which snapped back down through the Triangle’s uptrending support. The sentiment shift developed into a 2-hour slide that has probed yesterday’s low to twice test 2659.00–2660.00.
If, then…
Having originated at Thursday’s lows, did the latest recovery attempt peak yesterday at 2681.00 instead of 2684.25? That’s likely, but it doesn’t prevent retesting yesterday’s highs today. Not even the overnight probe under yesterday’s late low prevents retesting yesterday’s highs today. Entering a timing window even just attacking Friday’s late dip to 2657.00 would likely prevent retesting yesterday’s highs… for a long time. After spending almost all of Monday in hover mode, there’s no reason to further delay its afternoon slide. So, no reason to further delay the slide, and indicated to open near a pivotal point — if these two such bearish conditions can’t produce a bearish open or bearish morning, then a retest of yesterday’s high could still develop.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2659.00 would be likely to trigger the 2663.00 bias-down signal at 10:15. Exiting the open above 2668.50 would be unlikely to trigger bias-down.