The First Trade & Pre-open Tour Recording… Technical glitch.
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 morning’s drop to 2795.00 was signaled by the Globex setup — reversing an overnight probe of fresh highs up to 2709.00 to open back under the 2803.75 earlier overnight low. The morning remained under bearish pressure. The bias-down signal narrowly avoided being touched or triggering, so no other objective above or below was put into play. And later tests of the bias-down signal throughout the morning were absorbed. Positive territory held as resistance to a noon hour bounce, but the bounce’s failure only attacked the morning’s low. One more bounce stopped short of signaling a hold-long, and the cash session ended at 2800.50.
Overnight action’s new info…
Blipping up to 2801.25 after the cash session close was reversed sharply down to 2795.00 as news leaked of AMZN web site problems and NFLX reported earnings difficulties. Globex initially recovered to retest 2801.25, suggesting that participants view the AMZN/NFLX problems as localized to the companies. Reversing back down into and out of Europe’s opens to a fresh low at 2790.50 may be suggesting that ripple effects are coming anyway (I expand on this in the Market Tour recording). Bouncing to 2797.75 has reacted down almost entirely back to the low.
If, then…
Having probed overnight under yesterday’s low, opening back above yesterday’s low and holding it as support could Isolate overnight sellers. The potentially bullish setup may be the only alternative to extending yesterday’s intraday weakness today with potential down to 2781.25. So, triggering bias-down, or not, may tell us everything about the balance of today’s session.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2792.50 would be likely to trigger the 2794.75 bias-down signal at 10:15. Exiting the open above 2797.50 would be unlikely to trigger bias-down.