The First Trade & Pre-open Tour Recording… Will Brexit save the day?

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…
Wide swings greeted Thursday’s open, and persisted intraday. Wednesday night’s initial 15-point drop had recovered 20 points to greet the open back at Wednesday’s 2815.50 last-minute high. Extending even further into positive territory tested 2824.00, too late to be strong-handed while also fulfilling the bias-up target — not exactly a formula for stability. A collapse to 2802.50 bottomed during the noon hour, and was largely retraced to close back at 2819.50 resistance.

Overnight action’s new info…
Sideways ranging has suddenly come alive. Eking higher into the Globex open had found resistance at this morning’s 2823.00 bias-up signal. A brief consolidation soon spiked up to within 3 ticks of this morning’s 2829.75 bias-up target, and then repeated the reversals at least twice through the night. The most recent dip testing 2823.00 had come within 2 points of the 2820.25 earlier Globex low when suddenly Brexit headlines rescued the potential failure. Combined with optimistic trade talk, a 30-minute surge is probing Wednesday and Thursday morning highs up to 2834.25.

If, then… (notes to accompany the Tour recording)
This week’s wide, choppy ranging is now bumping into the hard deadline of weekend illiquidity. Overnight action had formed much of a bearish Globex-flip pattern by retracing its probe above yesterday’s high. That organic pattern is suddenly replaced by an upleg thanks to the Brexit headlines artificial catalyst. Headline reactions are often retraced, at least by 61.8%, but that will be moot if not yet done through the opening 15 minutes of volatility. Retracing it in time could extend down through the morning, but holding the surge up could more likely attract post-open reinforcements. Friday Factors of impending illiquidity could produce a close above 2827.00 to insert a detour from realizing the effects of last week’s massive distribution. The same Friday Factors could produce severe downside consequences if this overnight surge becomes a rubber band that snaps back down through the open.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2825.25 would be likely at least to trigger the 2823.00 bias-up signal at 10:15. Exiting the open above 2833.00 would be likely to exceed the 2829.75 bias-up target at 10:15 to renew the bias-up signal.