The First Trade & Pre-open Tour Recording… Weekend Wrally.
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…
Overnight ranging up to 2849.00 and down to 2835.00 greeted Friday’s open toward the range’s lower-end. The open’s range was much narrower than overnight, but also noncommittal in either direction. But touching 2835.00 again finally started a rally that would extend into noon up to 2848.00. Reacting down 7 points to 2841.00 through the noon hour was reversed up by the bullish WedEX influence up to 2857.00. The prior week’s “higher prior lows” at 2854.00-2855.00 held as resistance through the close. But the rally still gained traction for its efforts by the bias environment exit and final hour’s entry both exceeding their prior timing window highs.
Overnight action’s new info…
Friday’s support has persisted overnight. Its last reaction down had tested 2850.50, and firming from there extended at Sunday night’s open to 2855.00. Its reaction down tested 2850.50 before midnight, as did another, shallower bounce’s reaction down after midnight. A break lower seemed imminent, but it was circumvented by Chinese government intervention. Surging into and out of Europe’s opens probed Friday’s high by 3 points up to 2860.00. Now its reaction down is testing Friday’s high as support down to 2856.00.
If, then…
Trend extremes aren’t associated with expirations. So, an unlikely collapse today would likely be brief and recover entirely. Anyway, the first likelihood is to probe higher highs this morning since Friday’s rally gained traction. Even despite NDX underperforming S&Ps, and more so the Dow for a second consecutive session Friday, the market certainly seems like it wants to trend higher, at least in the near-term. There’s also follow-through from the bullish WedEX. And having peaked Friday upon testing “higher prior lows” from the prior week’s 2854.00-2863.00 consolidation, extending higher out of the weekend is likely to gap up to and/or trend through its upper-end. The overnight high has retraced that range already to 61.8%, so any higher would all but confirm the 2854.00-2863.00 consolidation’s complete recovery underway.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2852.00 would be unlikely to trigger the 2854.50 bias-up signal at 10:15. Exiting the open above 2857.00 would be likely to trigger bias-up.