Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
The First Trade & Pre-open Tour Recording… Very little stretch. – If, Then… Market Timing

The First Trade & Pre-open Tour Recording… Very little stretch.

By Rod David | August 8, 2018 - 7:30 am

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…
The rally seems to be in a stage of relentlessness. Gapping up Tuesday above Monday’s 2853.50 high to 2857.00, and not trending up from within Monday’s range, reflects strong-handed sponsorship. It creates a position of strength. Tuesday’s open attracted more strength as it rallied another 8 points to attack 2864.00. That’s a lot of energy to expend, gapping up and extending, but the position of strength would keep strong-handed sellers away. The open’s rally didn’t resume, but the balance of the session only ranged choppily sideways back down to 2858.00 — still above Monday’s highs.

Overnight action’s new info…
Tuesday afternoon’s choppy range persisted overnight, albeit more narrowly between 2858.00-2861.50. With one exception, breaking lower to 2856.25 into Europe’s opens. But only a brief exception, as the break was recovered back into the range as quickly as it had developed. Now 2861.50 is being attacked.

If, then…
Extending the rally would next target 2873.00 with potential to 2883.00. Probing fresh highs this morning probably wouldn’t tolerate much hesitation in extending — yesterday and now the overnight has done enough backing-and-filling. Hesitating at fresh highs for too long could soon reverse back under overnight lows. Hesitating to probe higher at all could soon reverse back under overnight lows, too. Regardless of how it starts, a dip would be considered only a temporary correction, whether just testing Monday afternoon’s range down to 2851.00-2852.00, or deeper down to 2841.00-2843.00..

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2858.00 would be unlikely to trigger the 2856.00 bias-down signal at 10:15. Exiting the open under 2861.75 would be unlikely to trigger the 2864.00 bias-up signal.

Posted in members-only, Pre-market Tour, S&P, The First Trade