The First Trade & Pre-open Tour Recording… Overnight buyers, again.

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 2714.50 was well off of Sunday night’s 2721.50 high, but still well above the 2700.50 overnight low. Dipping through the opening 15 minutes of volatility settled into a choppy range largely contained between 2705.50-2712.75, and ranging around 2708.00-2709.00, which ultimately contained the close.

Overnight action’s new info…
Already firming soon after the Globex open, news of a budget deal seemed to be drive price sharply higher. Sunday night’s highs were probed by 3 points up to 2724.25 before midnight. Ranging flat-to-lower found support at what is this morning’s 2720.50 bias-up target. The consolidation finally resolved by surging into Europe’s opens, attacking 2727.00. Another correction has recovered to now probe fresh highs probing 2728.00.

If, then… (notes to accompany the Tour recording)
Overnight patterns don’t necessarily guide intraday activity. One example is Sunday night’s highs, which had stopped pessimistically short of touching the consolidation from last Tue-Wed, and its “higher prior lows” at 2723.00-2727.00. Contrarianism would have made that bullish, if the attack had developed intraday. Another example is Monday night’s actual test of those same higher prior lows. Their test intraday would be likely to react down, but gapping up above resistance often extends through it intraday. The question is how today’s opening 15 minutes of volatility negotiates the higher prior lows — and possibly also the gap back to Wednesday’s 2730.00-2731.00 close.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2722.75 would be likely also to exceed the 2720.50 bias-up target at 10:15 to renew the bias-up signal.