The First Trade & Pre-open Tour Recording… The range persists.
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…
Opening flat Tuesday at 2642.75 didn’t inhibit wide-ranging choppiness. Rallying up to 2650.00 and dropping down to 2638.25 was already volatile. But another bounce through 10:15 collapsed to within 3 ticks of overnight lows at 2629.25. Trending never arrived but the choppiness continued, perhaps inhibited ahead of AAPL’s post-open earnings. Dips recovered to 2644.00, and a late-afternoon dip to 2633.50 only recovered to within 2 points of unchanged at 2641.00. A retest of oversold RSIs at the morning’s low was left outstanding.
Overnight action’s new info…
AAPL’s earnings “surprise” wasn’t much, but it was the opposite of Monday and Tuesday’s warnings and misses. Its favorable response triggered a surge through the Globex open that probed Tuesday morning’s low by 1 point up to 2651.00. The pattern since then has largely tracked the prior night’s choppy ranging, probably becoming inhibited by this afternoon’s FOMC events, although last night’s range is actually widening. Reversing back down to 2637.50 bounced to 2647.00 and repeated; reversing down again attacked 2636.00 and bounced to now test 2648.00.
If, then… (notes to accompany the Tour recording)
Probing above Tuesday morning’s highs wouldn’t have been surprising. Yesterday’s post-close AAPL reaction might have fulfilled that potential, so repeating it this morning would likely extend at least a little further to test 2653.00. Sponsorship for much higher than that might be difficult to attract as this afternoon’s FOMC events grow nearer. Not probing higher, or quickly rejecting an early probe to avoid triggering bias-up, would create an attraction back down near yesterday’s low, which could retest yesterday’s low, but also lack sponsorship for digging any deeper before FOMC.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2648.50 would be likely to trigger the 2647.00 bias-up signal at 10:15. Exiting the open under 2645.00 would be unlikely to trigger bias-up.