The First Trade & Pre-open Tour Recording… Still probing higher.

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…
Monday’s 2534.00 open was essentially flat with Friday’s 2531.00-2533.00 close, and with Sunday night’s earlier Globex low. In the interim was a probe above Friday’s high up to 2552.00, and the reversal back down from it. Continuing to reverse down through the open would form a bearish Globex-flip setup. But the open held, helped by Friday’s bullish session-long rally setup still in-play. So, the Globex-flip became as bullish as it would have been bearish. Friday morning’s rally resumed, trending up through the noon hour’s exit. That was still 2 points short of the afternoon’s 2569.25 bias-up target, which became “unfinished business” when the afternoon’s dip held a test its 2550.50 bias-down signal. Meanwhile, the afternoon dip did gain traction for its efforts, and the rally’s next higher target at 2548.00-2555.00 held as resistance through the close.

Overnight action’s new info…
Gradually recovering into midnight tested 2563.00 before defensively posturing ahead of Europe’s opens. The pullback to 2554.00 held and a relief rally surged to eventually probe yesterday’s high up to 2569.00, neutralizing Monday’s unfinished business. Its reaction down to 2560.00 has recovered to higher highs at 2572.00.

If, then… (notes to accompany the Tour recording)
Neutralizing yesterday’s unfinished business above now relies on post-open patterns to extend the rally. That will be challenging, since yesterday afternoon’s dip created a position of weakness, which suggests the attempt to resume the rally will fail. Closing back within the 2548.00-2555.00 range had avoided putting into play the next higher target at 2606.00. Closing above the 2548.00-2555.00 range today would still put the higher target into play anyway. And maintaining a gap up above yesterday’s 2567.50 high — which is also yesterday’s bias environment high, after having trended down into the close — could form a session-long rally. Otherwise, closing back under 2548.00-2555.00 would help to confirm upside momentum is done.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2571.00 would be likely to exceed the 2568.50 bias-up target through 10:15 to renew the bias-up signal. Exiting the open above 2566.00 would be likely to trigger the 2560.25 bias-up signal at 10:15.