The First Trade & Pre-open Tour Recording… Sound and fury, signifying nothing.
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…
A multi-session Ascending Triangle had broken sharply higher Tuesday. A very last-minute surge began testing the lower-end of the 2819.50-2823.00 likely bounce objective. Overnight action tested its upper end by 1 point. probing above Tuesday’s intraday range. Greeting Wednesday’s open back under the 2813.25 earlier Globex low formed a Globex-flip setup that is bearish for the morning. Which it was, producing a 30-point drop to 2783.25. A bounce into the bias environment’s exit attacked 2819.50, which reacted down to 2800.00 and ranged choppily sideways through the close. Any higher would have triggered a domino effect next targeting 2838.00. Any lower could have launched a retest of session lows, where oversold RSIs require an eventual retest.
Overnight action’s new info…
Wednesday afternoon’s choppy range ended by bouncing back toward session highs, through the 2812.00 cash session close up to 2816.00. Globex immediately dipped back down to and through 2812.00 on the way to Wednesday afternoon’s 2800.00 low. Firming into and out of Europe’s opens recovered to test and retest 2812.00, which has so far held, and is now reacting down to 2804.00.
If, then… (notes to accompany the Tour recording)
The Ascending Triangle pattern’s breakout Tuesday was likely false. So, the question remains, from where does it fail. Probably not from 2819.50-2823.00, which defined Wednesday’s highs. Not unless this morning’s open launches a downleg that extends under Wednesday’s lows without delay, which isn’t currently indicated. Gapping up or down — either above 2819.50 or under 2793.00, respectively — is also not indicated, but it would trigger WedEX by proxy. It’s possible for this morning to remain range bound, so we’ll take seriously any failed early attempt at trendnig.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2803.00 would be likely to trigger the 2808.00 bias-down signal at 10:15. Exiting the open above 2811.00 would be unlikely to trigger bias-down. Exiting the open above 2819.50 would be likely to trigger the 2817.50 bias-up signal at 10:15.