The First Trade & Pre-open Tour Recording… Probing new highs. Twice.
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 2888.50 is above all prior highs, and will want to be retested from below if the trend tries to reverse down. Its 2898.00 cash session close already fulfills for an eventual higher close as required by having made a new trend high close on a Friday. Monday trended up to close above the morning’s 2897.00 high, but under the 2899.25 noon hour high. The session high was within 3 ticks of the next higher objective at 2900.00. No traction was gained for the effort, since the bias window exit and final hour’s entry were under their prior timing window’s highs.
Overnight action’s new info…
Globex immediately began probing yesterday’s high. Hesitation at 2901.00 soon resolved up to attack 2904.00. Already dipping back to 2901.00 by midnight extended down to test yesterday’s cash session close by 2 ticks at 2897.50. Now a bounce is probing back above yesterday’s highs, and trying to recover 2901.00.
If, then… (notes to accompany the Tour recording)
Not gaining traction for yesterday’s rally isn’t necessarily bearish. It means that its sponsorship’s buying pressure was fulfilled. This is also measurable by having met and held the next higher objective within 3 ticks of the 2900.00 doubly-renewed bias-up target. Resuming the trend Tuesday morning isn’t likely without gapping up above Monday’s highs — which is currently indicated. A concern about the trend’s durability is now its impatience in probing a round number — 2900.00 ES, and 26,000 Dow — instead of expressing restrained optimism. Not gaining traction yesterday and holding a test of its next higher objective make the NEXT higher objective at 2909.00 extra vulnerable to reversing down. Meanwhile, having probed yesterday’s high overnight and then reversing to the earlier overnight lows at 2898.50, exiting the open any lower would reverse momentum down for at least the morning — and help to relieve excess optimism.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2896.75 would be unlikely to trigger the 2900.00 bias-up signal at 10:15. Exiting the open above 2901.75 would be likely to trigger bias-up.