The First Trade & Pre-open Tour Recording… Overnight enthusiasm.

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…
SPECIAL NOTE: I’ve produced two new Bias Parameter videos, an introduction and an example. They’re linked perpetually on the daily Bias blog posts. A handy library of actual examples will be made available later this week, along with much more supporting reference items…

Monday morning’s probe of fresh highs was indicated already when Friday afternoon’s rally gained traction. But extending higher Monday also overcame a couple of challenges. First, the Globex-flip setup had threatened to reject its overnight probe above Friday’s 2840.50 highs. Then, the 2841.00 bias-up signal’s rejection was threatened during its grace period. But both reversal attempts only trapped more sellers, and their covering helped to fuel the rally through the noon hour. The balance of the session fluctuated around the two-week old 2850.00 prior high. The new recovery high close fulfilled the outstanding requirement. And the afternoon’s 2854.25 bias-up target became “unfinished business above.”

Overnight action’s new info…
Flat-to-higher ranging gradually improved through midnight to 2852.50. Rallying into and out of Europe’s opens extended through yesterday’s 2853.50 high to 2858.50. There was enough complexity to qualify as a “new Globex trend extreme,” which requires eventual intraday retest.

If, then…
Extending higher overnight seems to be confirming the rally is in its relentless stage. This doesn’t prevent dips, in the context of higher highs and higher lows. But dips should be either shallower, briefer, or both — until getting much closer to the next higher target at 2873.00. Meanwhile, gapping up could break free from Monday afternoon’s Symmetrical Triangle, and avoid being a false break that would otherwise reverse more substantially in the opposite direction.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2856.00 would be likely to trigger the 2854.25 bias-up signal at 10:15. Exiting the open under 2848.00 would be unlikely to trigger bias-up.