The First Trade & Pre-open Tour Recording… Retesting the downside.
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 open spiked up and surged to attack Monday’s intraday high up to 2521.25. Overnight action plunged under Friday-Monday’s range down to 2452.25. Greeting Wednesday’s open at 2468.00 and extending back up to 2520.50 through the afternoon bias environment was quite a different texture from the overnight plunge. But the intraday rally stopped short of reinstating the bear market rally, waiting too long to close above Monday’s ~2510.00 intraday highs, and then only by 1 point while still being overlapped. No “unfinished business” above was left outstanding.
Overnight action’s new info…
AAPL’s post-close warning has created another overnight plunge to greet a second consecutive session. Wednesday’s late 18-point bounce back to 2511.00 resistance suddenly collapsed down to 2489.00 on the headline. Globex gapped down further and immediately tested 2471.00-2473.00. Flat-to-lower ranging included a blip-down to 2463.00 that only attacked Tuesday’s pre-open low, still 10 points above Tuesday’s overnight low. Recovering to 2481.00 into Europe’s opens has only reacted back down toward the low.
If, then… (notes to accompany the Tour recording)
Ultimately, Wednesday’s session wasn’t predictive either way. Which is yet another version of Sunday night and Monday’s sessions, now all three lacking predictive value and directional resolution. Last night’s gap down remains within Tuesday night’s range, which could still hold as support. Its reward would be fresh highs at 2525.25 (Wednesday afternoon’s 2521.25 bias-up target remains outstanding). Meanwhile, the longer that probing under Wednesday afternoon’s 2495.00 lows isn’t recovered, the vulnerability increases to evolving into a deeper decline.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2487.75 would be likely also to exceed the 2489.50 bias-down target at 10:15 to renew the bias-down signal. Exiting the open under 2490.75 would be likely at least to trigger the 2501.00 bias-down signal at 10:15.