The First Trade & Pre-open Tour Recording… The shape of things to come.
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…
A relentless 28-point overnight rally greeted Tuesday’s open by gapping up to 2773.00. The uptrending support that Monday’s late-afternoon slide had broken was immediately recovered. The Ascending Triangle pattern we were tracking remained intact. The opportunity to reject it was ignored, and the balance of the session rallied another 36 points to 2816.00. Even a very last-minute pullback to 2808.00 was recovered through the futures close to 2919.00. This is the lower-end of 2919.00-2923.00 which is the next higher resistance from a Running Correction that had formed during last Wednesday afternoon’s decline, one of the Triangle’s likelier objectives.
Overnight action’s new info…
Tuesday’s last-minute recovery up to 2819.00 was consolidated through midnight by a narrowing range, forming a shallow Ascending Triangle. Breaking higher into Europe’s opens attacked 2924.00. And as quickly as possible, it was retested while RSIs diverged negatively, reversing the trend back down to 2807.00. By the way, being a corrective bounce, that’s not a “new Globex trend extreme” which would otherwise require an intraday retest.
If, then… (notes to accompany the Tour recording)
2919.00-2923.00 resistance has now been thoroughly tested, and influential. Its test and reaction overnight is less optimal than intraday, but still credible if Tuesday afternoon’s 2808.00 bias environment highs fail to hold as support. Otherwise, resuming the rally this morning would next target 2838.00 “higher prior lows” from last Wednesday morning’s consolidation. There’s also a powerful setup trying to form, having probed overnight above yesterday’s high, which would be very bearish if exiting the open under the 2813.25 earlier overnight low.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2808.00 would be unlikely to trigger the 2803.00 bias-down signal at 10:15. Exiting the open under 2811.00 would be unlikely to trigger the 2819.50 bias-up signal.