The First Trade & Pre-open Tour Recording… Playing possum.
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…
Wednesday’s 11-point gap up consolidated through the open, holding above the bias-up target to renew the bias-up signal. The second hour resumed the overnight rally to first test 2715.00, which was the bounce limit for defining the rally as only a correction off of Tuesday’s 2675.00. Extending into the afternoon bias environment peaked upon testing the 2727.25 bias-up target, which was probed momentarily by 2 points. A sell signal triggered too late to be sponsored by strong hands, limiting its reaction down to only a minimum 2721.50 target. No “unfinished business above” was left outstanding.
Overnight action’s new info…
Yesterday’s late dip reacted back up through the close 5 points from its 2721.50 target to 2726.50. Globex gapped down to pierce what is this morning’s 2718.75 bias-down signal, which supported a brief consolidation that soon resolved back up. But resolving up only peaked upon retesting yesterday afternoon’s 2727.25 resistance, which has reacted back down to 2721.50.
If, then…
While Wednesday’s late dip to its 2721.50 target was sponsored by weak hands, the dip did serve to chip away at support there. Its intraday retest isn’t any likelier, but its intraday retest is now less likely to hold as support. Still, its break has room down to 2711.00 before signaling the trend reversing back down. Otherwise, having recovered to close above 2715.00, fresh highs are likely to probe above 2733.00. Meanwhile, keep in mind there is potential this week for a third session characterized by gapping open and running in the gap’s direction until fulfilling its objective. If today’s session is not that session — and it is currently indicated not to gap open — then that potential would compound and transfer to Friday.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2727.25 would be unlikely to trigger the 2730.00 bias-up signal at 10:15. Exiting the open above 2725.25 would be unlikely to trigger the 2718.75 bias-down signal.