The First Trade & Pre-open Tour Recording… Time didn’t heal this wound.

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…
Friday morning’s rally rewarded Thursday’s buyers for having gained traction. Gapping up to 2730.00 extended higher through the bias environment to 2745.50. Thursday’s close back under 2718.00 created a position of weakness for launching Friday morning’s rally. So the rest of Friday gradually retraced the post-open gains. And then quickly retraced much of the pre-open gains down to 2720.75. Collapsing under the opening gap signaled its rejection. Ending back under Thursday’s highs increased the vulnerability to gapping down Monday.

Overnight action’s new info…
Sunday night’s open blipped-up to 2725.25 then spiked down to 2712.50. The spike down was triggered by news of a not-new story (WTO exit), and recovered to test this morning’s 2727.25 bias-up signal. But it was straight down from there — relentlessly, more than aggressively — to greet Europe’s opens at 2702.00, soon extending to 2698.50. Price action since then has consolidated back up to 2710.00.

If, then…
There’s nothing bullish about probing under 2704.00 again, as did three of last week’s sessions. Support there has been thoroughly chipped away, including 10 points lower where Thursday morning found its low. Post-open action may not dip back down to 2704.00 or it may isolate its test to the open. Not already recovering 10 points higher through the open would remain vulnerable to another downleg.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2709.75 would be unlikely to recover the 2711.00 bias-down target at 10:15, renewing the bias-down signal. Exiting the open under 2715.00 would be likely at least to trigger the 2718.00 bias-down signal.