The First Trade & Pre-open Tour Recording… Up, up, and await?
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 missed the opportunity to complete a retest of Wednesday’s 2907.50 low. The overnight attack on it to within 2 ticks also missed the opportunity. Enough of a recovery before the open allowed a little dip to test Thursday’s 2912.00 close. Its reaction held a test of the 2916.25 bias-down signal to put into play an offsetting test of the 2924.50 bias-up signal, which the morning’s high tested by 1 point. The afternoon ranged choppily flat-to-lower. Friday’s close again (barely) recovered 2919.00 for a second consecutive session. This keeps alive the That’s a different pattern, but the consequence should be to retest the prior Friday’s highs. And there would have been consequences to not recovering it, and/or to closing under 2914.00..
Overnight action’s new info…
Sunday night’s open spiked up 5-1/2 points on the afternoon’s news of a US-Canada trade agreement. Fluctuating around Friday’s 2925.50 high soon resolved up and probed Thursday’s 2932.00 high. The overnight high is currently 2937.75, which is the high cash session close from the prior Thursday, one session prior to the intraday high.
If, then… (notes to accompany the Tour recording)
Monday’s open is indicated to gap up above both last Friday and Thursday AND Wednesday’s 2925.50, 2932.00 and 2936.00 highs. Only 2925.50 was necessary for reversing the trend up by proxy. But if 2936.00 (or only 2932.00) is tested during the open, then ITS recovery will be the threshold, and not exceeding it through the open would reverse momentum back down — even if only for the morning, down to lower prior highs at 2928.50-2930.00. All of which is possible because relentless overnight trending often loses its sponsorship at the open. A pre-open dip would help to relieve that. Also, being triggered not only by news, but by paradigm-shifting news, the open may succeed at attracting reinforcements. And attracting reinforcements can extend to new highs at 2947.50, including last Friday’s 2945.25 opening gap up.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2932.25 would be likely also to exceed the 2930.75 bias-up target at 10:15 to renew the bias-up signal.