The First Trade & Pre-open Tour Recording… Range bound (wink).
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…
Tuesday’s range was the narrowest since last Wednesday, and the first session since then not to trend. Fluctuating around Monday’s 2890.00-2894.00 close was never complacent to be unchanged, probing positive and negative territory, then ending at 2886.00-2888.00. Sponsorship for divergent opinions isn’t suffering, which is usually the recipe for soon exploding in one direction or the other. No traction was gained either way Tuesday afternoon, requiring that credible trending Wednesday morning begin by gapping open.
Overnight action’s new info…
Yesterday afternoon’s range hasn’t been broken overnight. Trending attempts have been brief and contained between 2882.00-2891.00, its range narrowing too slightly to be labeled. Price is currently testing 2888.00.
If, then… (notes to accompany the Tour recording)
Gapping up above Tuesday’s 2900.00 high isn’t currently indicated, which would be credible for extending higher intraday. A late surge may yet threaten it, but surging late from an overnight range usually proves to be a head-fake that is retraced, and often rejected. Breaking lower within 60-90 minutes of the open would also be unlikely to extend, at least not before retracing back into the overnight range. Either scenario complies with the template I described yesterday, that the choppy range reflects widely disparate opinion and not complacency. Meanwhile, the close has room up to 2914.00 before signaling the trend has reversed up. Just closing above Friday and Monday afternoon’s 2895.00 highs would at least indicate a bottom has formed. Ultimately breaking lower would all but ensure retesting Monday’s 2866.00 low, and then probably also 2850.00.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2884.50 would be unlikely to trigger the 2880.50 bias-down signal at 10:15. Exiting the open under 2877.00 would be likely to trigger bias-down.