The First Trade & Pre-open Tour Recording… Restless night.
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 night’s probe of fresh lows down to 2711.00 was recovered and reversed to attack 2745.00 through Wednesday’s open. All of which was retraced and reversed through the afternoon bias environment down to fresh lows at 2686.25. Which is within 1 tick of the next lower objective at 2685.00-2686.00. Its reaction up to 2723.50 was largely retraced down to 2697.00 before the close. WedEX triggered actively bearish, although no “unfinished business” below was left outstanding.
Overnight action’s new info…
2-3 wide swings during Globex have all fit within yesterday’s late range. The reaction down from Wednesday’s late surge extended down to within 3 points of the intraday low, repeatedly probing 1-2 points under this morning’s 2691.25 bias-down signal. Rallying 27 points to within 1 tick of this morning’s 2717.00 bias-up target stopped 6-1/2 points short of retesting Wednesday’s late surge. Reacting down 23 points to 2694.00 has bounced again to 2710.00, testing the resistance of this morning’s 2709.00 bias-up signal.
If, then… (notes to accompany the Tour recording)
Wednesday’s 2686.00 low fulfilled the next lower objective of the week-long pullback from last Wednesday night’s 2818.00 high. The leg is testing the pre-election pullback low at 2700.00, while its low retraces 61.8% of the three-week old 2603.00 low, and fills the gap back to the low session’s close. There is plenty of support, and no nearby or recently created attractions below, so a rally is free to begin. Not exploiting the opportunity to rally today would suggest the decline intends to extend to its next lower targets at 2654.00 and 2635.00. Meanwhile, the bearish WedEX could be inverted by opening high enough Thursday could still trigger a late passive bullish WedEX, or else confirm a bearish outlook for tomorrow afternoon.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2705.00 would be unlikely to trigger the 2709.00 bias-up signal at 10:15. Exiting the open above 2711.00 would be likely to trigger bias-up.