The First Trade & Pre-open Tour Recording… & PROGRAMMING NOTE.
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
PROGRAMMING NOTE: I’M AWAY FROM THE SCREENS TODAY BETWEEN 10:30-NOON ET.
Through the prior close…
Monday’s second consecutive “inside day” was nonetheless swinging widely. And the wide swings had been gradually probing intraday higher highs. Friday’s 2779.00 highs were touched just before entering the final hour, and just before Saudi Arabia headlines triggered another wide swing back down. The afternoon’s 2762.00 lower-end was on-track for containing the balance of the session. But the last 15 minutes collapsed back down to attack the morning’s 2751.25 low at the cash session close, and lower to 2749.00 at the futures close. An Ascending Triangle that had yet to probe its resistance was left with a break under its uptrending support.
Overnight action’s new info…
The drop initially extended to greet the Globex open at 2745.50, and then immediately began reversing back up to 2758.50. The balance of the night has essentially ranged choppily around 2758.50. A surge to 2761.50 reacted down sharply to 2753.00 by midnight, and fresh highs up to 2762.50 after Europe’s opens reacted down to 2755.50. Despite those wide swings, 2758.50 was just tested again, and minutes later the highs are now being pierced by 3 ticks.
If, then… (notes to accompany the Tour recording)
To the degree that yesterday’s late drop was triggered by the non-financial Saudi news, it’s likely to be retraced back to its 2799.00 origin. Perhaps higher, to trigger the Ascending Triangle’s upside. Its upside is currently threatened by having closed under yesterday morning’s 2751.50-2754.00 lows, which is the last touch of the pattern’s uptrending support. Gapping open back above those lows and extending higher can reject yesterday’s late break, and put the pattern’s upside back on-track. The pattern’s downside would otherwise be triggered by closing back under Friday’s 2732.00-2735.00 lows.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2759.75 would be likely to trigger the 2757.00 bias-up signal at 10:15. Exiting the open above 2765.75 would be likely also to exceed the 2764.75 bias-up target at 10:15 to renew the bias-up signal. Exiting the open under 2752.50 would be unlikely to trigger bias-up.