The First Trade & Pre-open Tour Recording… Wide sideways range.

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…
Gapping up Monday would likely be rewarded by some form of retesting two-week old highs, to at least 2855.00 if not also probing room for noise up to 2869.00. The least of it was tested overnight after gapping up Sunday night to and through the morning’s bias-up parameters. Continually overlapping the 2859.00 open through the first hour formed a “Dry Cleaners morning” that resolved up to test the rest during the afternoon bias environment. Surging after the position-squaring window up to 2873.50 reacted back down to 2866.50, holding 2869.00, and not putting into play 2902.00.

Overnight action’s new info…
While Bitcoin experiences a nostalgic overnight $850 surge, neither bias signal has yet been touched by a choppy overnight range. After bouncing back up to 2872.00 through the futures close, Globex gapped down to 2867.50. Its reaction up to 2872.00 was reversed to lower lows at 2865.00 by midnight. Ranging narrowly sideways through Europe’s opens attacked this morning’s 2863.75 bias-down signal to within 3 ticks. Now resolving up, or trying to, has retraced to within 3 ticks of the earlier 2872.00 Globex high.

If, then… (notes to accompany the Tour recording)
Last night’s pullback resembles the pullback that didn’t happen at the two-week old high. That was the session-long Thursday rally, and limiting the next session to backing-and-filling could have resumed the rally last week. Instead, its weekend was entered and exited by a collapse to fresh lows that seemingly confirmed the distributive pattern. But price only ranged there, eventually recovering to now overlap the distribution range’s upper-end. In charting, pattern means pattern, so this area’s retest should resolve similarly if the distributive pattern remains intact. Stretching the rubber band a little further this morning would still be vulnerable to reversing down, until the timing window lapses. Maintaining fresh highs into the noon hour could become something more substantial to the upside.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2866.00 would be unlikely to trigger the 2863.75 bias-down signal at 10:15. Exiting the open under 2869.00 would be unlikely to trigger the 2872.25 bias-up signal.