The First Trade & Pre-open Tour Recording… Traction rewarded, again.
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…
What began as a probe of fresh lows Thursday ended as a reversal through almost every intraday timing window. A pre-open collapse to 2693.25 rewarded Wednesday’s sellers for having gained traction. But it had originated too late to avoid being retraced back up to 2707.00. Its post-open repeat got no further before bouncing off of the bias-down target and back up through the bias-down signal to rob sellers of their traction. Extending the recovery through the morning endured a noon hour pullback to extend the recovery through the afternoon. The 2726.25 peak was a 61.8% retracement back to Wednesday morning’s high, and it gained traction with the same timing as Wednesday’s sellers. Reacting down closed back under 2718.00 to avoid signaling the trend starting to reverse up.
Overnight action’s new info…
Thursday’s late pullback was maintained well into Globex, supported by 2718.00. Surging to fresh highs above 2730.00 eventually extended through Europe’s opens up to test 2737.00. It looked good, for awhile. But that extension was retraced back under 2730.00, and then to 2723.00 as yesterday’s 2726.25 high now fights to hold as support.
If, then…
Closing under 2718.00 didn’t reverse the trend down, but formed a position of weakness that dooms to failure an early attempt to extend higher Friday. The attempt part of the equation has developed overnight, so its failure can become obvious without any delay. We have two consecutive sessions of reversing early trending attempts — regardless of their being in opposite directions — so, be prepared for this to be a new behavioral pattern. Having said that, this being a Friday, renewing the bias-up or not rejecting it altogether would be vulnerable to extending higher into the afternoon.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2730.75 would be likely to trigger the 2727.00 bias-up signal at 10:15. Exiting the open above 2735.50 would be likely to exceed the 2733.00 bias-up target at 10:15 to renew the bias-up signal. Exiting the open under 2722.50 would be unlikely to trigger bias-up.