The First Trade & Pre-open Tour Recording… Try, try 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…
Failing to gain traction during the afternoon doesn’t prevent trending from extending the next morning. But it requires that extension to begin by gapping. Monday afternoon’s buyers had failed to gain traction up to 2925.25, so Monday night’s bounce tried to extend the rally into Tuesday morning. But the overnight bounce up to 2934.25 peaked upon filling the gap back up to Friday’s close. Its reaction greeted Tuesday’s open back at Monday’s highs, where bouncing immediately could have resumed the rally, but the reversal only continued. The critical 2919.00 support was probed twice Tuesday afternoon but held its recovery through the close.

Overnight action’s new info…
Tuesday’s last test of 2919.00 had reacted up into the 2921.00 close, and continued higher into the Globex open. Not even a consolidation interrupted the rally until eventually attacking 2829.00, where a pullback dipped to 2924.50 through Europe’s opens. Flat-to-higher ranging since then has been hovering pessimistically short of the high.

If, then… (notes to accompany the Tour recording)
Gapping up only above Tuesday’s 2928.25 noon hour high would be optimal, but still would qualify for gapping up into a morning rally. That may be moot by the market open, as hovering pessimistically short of the high is potentially bullish from a contrarian perspective. So, breaking yet higher before the open would be credible for extending higher through the morning. Anxiousness ahead, this time ahead of the afternoon’s FOMC events, could restrain price action again into and out of the noon hour.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2927.75 would be likely to trigger the 2926.75 bias-up signal at 10:15. Exiting the open under 2925.25 would be unlikely to trigger bias-up.