The First Trade & Pre-open Tour Recording… With, or without.
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…
Two probes of fresh highs Sunday night attacking 2947.00 lacked the complexity to label them “new Globex trend extremes,” so they didn’t require intraday retest. That didn’t prevent fresh post-open highs, especially after an overnight dip to 2938.00 was recovered to avoid forming a bearish Globex-flip setup. Two bias-up signals triggered, but only the morning’s 2950.50 bias-up target was met. The afternoon’s 2954.25 bias-up target became “unfinished business,” attacked only to 2951.50. Perhaps it was anxiousness ahead of GOOGL’s post-close earnings that inhibited rallying higher, instead retracing to 2942.00 through the close.
Overnight action’s new info…
The anxiousness was well-founded as GOOGL’s miss plunged 100 points. That didn’t exactly inspire the market, which extended down to 2940.00 through early Globex. Poor economic news from China triggered a spike down to test 2936.00, which was mostly recovered through midnight. That has gradually recovered to attack 2944.00.
If, then… (notes to accompany the Tour recording)
Tuesday’s econ calendar is very heavy with plenty of reports, and Wednesday’s calendar is very weighty with FOMC events. The quarterly earnings onslaught continues, and this stage continues shaping a different profile than the first round of reports. GE just surprised to the upside, but not enough by itself to recover yesterday’s unfinished business another 11 points higher. Several econ reports are staggered through the open that could either help or hinder a recovery. Maintaining an open in positive territory would be a good first step. Otherwise, the unfinished business above need not prevent a sizeable interim pullback — and last night’s probe under both Sunday night and Monday’s lows suggests some sort of pullback is nearing. Regardless, intraday trending will likely become inhibited again this afternoon ahead of post-close earnings due from AAPL.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2945.75 would be unlikely to trigger the 2941.50 bias-down signal at 10:15. Exiting the open under 2940.50 would be likely to trigger bias-down.