The First Trade & Pre-open Tour Recording… Slowing its approach.
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…
Sunday night’s probe above Friday’s 2897.00 high up to 2899.50 was shallow but complex, and qualified as a “new Globex trend extreme” requiring intraday retest. That didn’t prevent reversing back under the 2896.00 earlier Globex low to form a bearish Globex-flip. A very early post-open entry rode an 8-point collapse, to within 1 tick of the 2894.00 bias-down target, while the balance of the morning held its 2895.50 bias-down signal as resistance. Absorbing the morning’s Globex-flip would be rewarded by retesting the overnight high, which was retested into the close the 2899.50. Monday’s close also fulfilled the eventual new trend high close that became required as of Friday.
Overnight action’s new info…
It was close, but no cigar. But it was already close after Monday’s session. Sideways ranging at Monday’s highs ended early when Asia’s opens touched 2900.00 and quickly reacted back down to 2893.00. The reaction down ended early, too. Sideways ranging persisted through midnight and Europe’s opens, and only now has begun firming to attack 2898.00. Meanwhile, neither bias signal has been touched.
If, then… (notes to accompany the Tour recording)
The rally’s next higher objective at 2902.00 remains outstanding, and likely — but not required, and not required to be maintained if met. Room for noise up to 2911.00 might also be utilized, but not necessarily. Otherwise, there is once again no “unfinished business” above helping to ensure a recovery. from another intraday dip. Not like yesterday, which had just added a “new Globex trend extreme” to the requirement for another new high close. I’m still going to be reluctant to sell an immediate reaction down instead of buying it for the likely test of 2902.00. Having said that, there’s no bullish reason to revisit yesterday’s 2884.00 low.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2894.50 would be unlikely to trigger the 2891.50 bias-down signal at 10:15. Exiting the open under 2894.50 would be unlikely to trigger the 2902.00 bias-up signal.