The First Trade & Pre-open Tour Recording… Trying to recover.

Proper context can start the day with a solid win and make all the difference.

NEW 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…
The holiday-shortened week was greeted Tuesday by a pre-open test of last Thursday’s 2408.50 gap. Its post-open tests also held, and the lower bias-down signal wasn’t even threatened. That round of sellers were done, and no other catalyst arrived to try again. But their hesitation wasn’t exploited, as the afternoon only recovered to test unchanged at 2413.75 — buyers only retraced the earlier selling and never rejected it.

Overnight action’s new info…
Tuesday’s last-minute dip to 2410.25 was tested after the Globex open, and retested at Asia’s opens. Firming into Europe’s opens recovered to attack 2413.75. A 3-point dip recovered entirely to touch this morning’s 2414.50 bias-up signal. That’s still overlapping the natural resistance of both Thursday and Friday’s closes, but better positioned for gapping up above yesterday’s highs.

If, then…
Tuesday morning’s sellers weren’t marginalized by only retracing their efforts. That required closing in positive territory. Maintaining a gap up and extending it can still serve by proxy. Attempting to gap up is only half the battle, and may have the opposite effect if not maintained and extended. Stalling at yesterday’s highs would only have stretched the rubber band to snap back down, in a pattern that remains vulnerable to another round of selling. A successful gap up could extend to 2422.00-2424.00. But snapping back down would find Thursday’s 2408.50 opening gap offers no more support on the way down to 2399.00.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2415.00 would be likely to trigger the 2414.50 bias-up signal at 10:15. Exiting the open under 2411.75 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning and welcome it is the last day of the month it is May 31 it’s Wednesday of a holiday shortened week at the screens now okay so it is time for the Wednesday morning Market or theirs as I say holiday-shortened week we’ve had one day down second day coming it is an interesting set up because yesterday we came in to yet another test of what had been a gap up in a trend but a gap up last Thursday Gap not an arbitrary Gap or arbitrarily plays The Gap at above the prior highs Pryor High that has been tested the prior day or attacked to it than it take her to and so that’s natural support and you can’t see it here but before Friday’s open for Friday’s open let’s get in here go there been a dip down to 24850 the 850 being the Gabba recovered before the open marginalizing those sellers but not high enough and not in a big enough rains or just wasn’t the same setup that would have allowed us to assume that was going to trigger a rally did get us back to the highs not that Friday did anything noteworthy at all other than being not worth a for not doing anything that were they at all then the holiday lot of posturing positioning proximity to prioritize but didn’t get it done and another 20 for 8:50 test before yesterday’s open not marginalized or not resulting and or recovering in time to open back above higher Pryor Lowe’s the 24850 was tested again for the first time intraday handheld again though not rejected it was more rejection Friday into Sunday night not recovering prioritize then there was yesterday Intuit racing back to Fridays and triggered a half hour later just have to Gap up maintain it extend it even then there would be a risk of 24 1450s bicep signal doesn’t trigger that would of course put into play and all sitting test of the bias down signal 40575 and for all intents and purposes and 408 50 has now been chipped away overnight and intraday we would offer little if any support in the way down to at least 2399 but just hold me a test of the bicep signal puts into play 2405 75 and likely for that to resolve down anyway get up we’re heading to 2420 and that’s just the bias of Target but probably above 2420 – 2420 to 2424 for the next opportunity for reaction down this isn’t a very solid base what a bit of solid base if this probe to its lower-end and recovered to close positive and could be a solid base if the Gap up is extended one of the thing to note in this pattern is such a narrow range it’s really tough to find these reliable but as it happens yesterday’s late action trended down the afternoons I printed during the bias environment so gapping up above it would also be a modest session long rally setup and we would qualify as a session long rally setup such a narrow range is not a lot of sewing being rejected not a lot of recovery being made so take that with a grain of salt but it would be again just another bullish set up and perhaps more predictive not for being triggered but if it’s rejected another bullet being another bullish setup rejected so again will give every benefit extending failing and failing to resume the rally can’t take it seriously at the overnight gold silver not much going on Silver actually outperform gold yesterday to significant degree now playing catch down as it were to gold that should create the potential for gold to resume its break lower which overnight it’s a little weaker but if it doesn’t basically take that opening that Silver’s weakness is allowing it that silver strength yesterday relative strength pretty much tonight or inhibited it from taking it doesn’t take advantage of that opening and Brake lower the pattern can remain barish the pattern can still have a bearish resolution likely but if Gold’s not taking advantage of that opening this morning by resolving down already then we’re all most likely almost assured of retesting Fridays Eyes First Long Pond again just no reason to delay extending higher no bullish reason no backing and filling needed crude oil down hard it just stuck between a rock and hard place yesterday what would have been a cell signal triggered under this uptrending support what would have been a Buy Signal triggered back above 4985 and then overnight breaking that support that is a Break by signal pretty much off the table at this point and natural gas fighting it that is a first clothes under a multi-session rain so it’s a break out and not that lower lows aren’t coming lower intraday Lowe’s are very likely in this pattern there’s no by signal being contemplated in natural gas the question is whether the breakout is going to be confirmed today by not only load of those but a lower clothes and the pattern is fighting it to some degree not overwhelmingly but again just not looking for any relief from this cell signaling durable relief from this cell signal anytime soon alright.