The First Trade & Pre-open Tour Recording… Still unchanged.
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…
The three-day holiday weekend ended by gapping down from an otherwise relatively narrow extended range between 2773.00-2780.50. Tuesday’s 2766.00 opening dip to Friday’s last relative low reacted straight up to unchanged at Friday’s 2776.00-2777.00 close. Surging again into noon probed overnight highs up to 2784.00 at noon. Higher highs into the final hour go to 2787.50 but gained no traction, and 1-minute RSI was only on the cusp of being overbought. The balance of the session dipped back down to unchanged, a second consecutive close above 2751.00/2757.00. But not decisively positive, so neither was its confirmation that new highs had been put into play.
Overnight action’s new info…
Despite soon bouncing back up to 2782.25, fresh lows briefly attacked 2774.00 before midnight. Despite soon bouncing back up to 2780.75, more fresh lows briefly attacked 2773.00. A shallower bounce, so far, is only overlapping 2776.00-2777.00.
If, then… (notes to accompany the Tour recording)
Yesterday’s late dip back down to 2776.00-2777.00 hasn’t been rejected overnight, which I would have expected if the late dip there was from weak-handed sponsorship. Instead, still fluctuating around it overnight, digging out lower and lower lows, suggests otherwise — that the rally which is being retraced was created by weak-handed sponsorship. But that’s not yet enough to indicate its retracement is extending down, which all but requires gapping down or at least immediately extending to exit a timing window back under Tuesday morning’s 2766.00 low. Rallying out of the open would mean the rally’s next higher objective will have been established, albeit vulnerable to backing-and-filling first more gradually, from a position of strength likely to be recovered.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2766.00 would be likely to trigger the 2768.50 bias-down signal at 10:15. Exiting the open above 2776.75 would be unlikely to trigger bias-down.