The First Trade & Pre-open Tour Recording… Over, or out.

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…
Monday’s gap up to 2934.50 was well above Friday’s 2919.00 close. And above Friday’s 2925.50 high. Also above Thursday 2932.00 high. Wednesday’s 2936.00 high had been probed overnight before finally dipping 6 points to test 2932.00 as support. That late discount attracted reinforcements at the open that quickly extended the rally to 2942.00. The balance of the session trended down nearly 20 points to 2922.50. Positive territory (barely) held which is a lot of selling pressure to expend without gaining traction for the effort. But even attacking Friday’s range let alone touching it suggested that buyers weren’t such strong sponsorship as the overnight and opening surge had suggested. “Lower prior highs” down to 2928.00 were recovered as support through the close. Oversold RSIs at Monday’s low will want to be retested.

Overnight action’s new info…
The selling and downtrending has persisted. Immediately blipping-up to 2930.75 immediately began reversing back down to attack Monday’s lows. First to 2924.00 before midnight, and then to attack 2921.00 into Europe’s opens. Reacting up to the 2925.25 bias-down signal resolved in new lows down to 2917.50. Now its reaction is attacking 2925.25 as resistance. Could yesterday’s close be recovered next?

If, then… (notes to accompany the Tour recording)
That last question could prove pivotal, whether today’s open is back up above yesterday’s 2928.00 cash session close. Just recovering yesterday’s 2922.50 low to form an Isolation setup would still probe Friday’s range intraday, which a rally should be rejecting forcibly as early as possible. Recovering even further overnight to open back above the earlier 2930.75 low would upgrade the Isolation setup into a Globex-flip that adds momentum to recovering this morning. Until then, there’s risk of resuming and extending the slide considerably. “Unfinished business” above would be minimal, as yesterday retraced the prior Friday’s high session by 61.8%, although that’s not optimal. And the high’s gap up remains unfilled. So, ether Monday’s drop is in the process of completing a backing-and-filling pullback, or else gapping down Tuesday under Friday afternoon’s 2915.50 low will be vulnerable to collapse.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2923.50 would be likely to trigger the 2925.25 bias-down signal at 10:15. Exiting the open above 2929.50 would be unlikely to trigger bias-down.