The First Trade & Pre-open Tour Recording… The feeling is mutual.

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…
Tuesday night’s rally from 2911.50 had been contained within Tuesday morning’s drop, but it extended to greet the open above Tuesday’s highs at 2923.00. The ongoing intraday distributive pattern did what patterns do, and once again reversed momentum down. This time was sudden, steep and substantial, producing the outside day that Tuesday’s reversal stopped short of being. The open touched Tuesday’s 2904.50 low, and the several more lows extended to 2898.50 through the afternoon’s bias environment. A pre-close bounce to 2906.50 started failing into the close.

Overnight action’s new info…
Wednesday’s slide wasn’t just a domestic incident. It set the tone for Asia and Europe time frames, too. Already failing into Wednesday’s close, the decline eventually collapsed down to 2895.00 and then extended down to 2892.00 by midnight. Firming 5 points through Europe’s opens suddenly reacted down to 2889.50. But only momentarily as its reaction has snapped back up, testing the resistance of yesterday’s “higher prior lows” up to 2902.00. That’s also testing unchanged, which is also resistance.

If, then… (notes to accompany the Tour recording)
Other than yesterday’s intraday reaction down from the open’s fresh high, the market has not been in a multi-session decline. A bullish Isolation setup cannot form. So, opening back above yesterday’s low, and isolating its probe to the overnight, wouldn’t necessarily earn the reward of retesting yesterday’s highs — retesting yesterday’s highs will require a different setup, like gapping up back above yesterday’s 2908.50 afternoon bias environment high. Meanwhile, trying to form an Isolation setup when an Isolation setup won’t qualify diminishes the current recovery attempt. It keeps alive the potential for an intraday retest of 2892.00-2894.00 “lower prior highs” that was tested overnight. Regardless, rallying or declining this morning will find thinning afternoon volume makes it difficult to extend the morning’s trend, and easier to retrace some or all of it before the close.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2903.50 would be unlikely to trigger the 2899.00 bias-down signal at 10:15. Exiting the open under 2897.50 would be likely to trigger bias-down. Exiting the open under 2892.00 would be likely to exceed the 2894.00 bias-down target at 10:15 to renew the bias-down signal, next targeting 2889.25.