The First Trade… Remain seems to be leading.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Janet, who? Gapping up and absorbing a negligible reaction to Yellen still failed to trigger Wednesday morning’s bias-up signal. No-bias trending above it attacked Monday morning’s 2092.50 high to within 6 ticks… Remain, what? An anti-Brexit poll reversed that effort, eventually probing negative territory and triggering the afternoon’s bias-down signal. Sellers gained no traction while afternoon ranging probed fresh lows at 2075.25. “Unfinished business below” was left outstanding at 2073.75, adding to 2070.75 from Tuesday.

Overnight action’s new info…
Wednesday evening’s Globex open gapped up to 2083.00 and spiked up to attack 2090.00. Ranging sideways was essentially defined by this morning’s 2084.25 and 2089.75 bias-up signal and its target. Testing the range’s lower-end through Europe’s opens was recovered to the range’s upper-end. Then a break higher surged to and through 2091.00-2092.50 prior highs to 2102.00. Its reaction down to 2095.50 is now trying to recover.

If, then…
Probing Monday’s 2092.50 high was kept alive by multiple attacks on it that repeatedly stopped pessimistically short of actually touching prior interim highs. This behavior was potentially bullish from a contrarian perspective. Testing the unfinished business below at 2073.75 and 2070.75 overnight would have been vulnerable to greeting this morning’s open already recovered back in positive territory. Now that shoe is on the other foot, already neutralizing the attraction above. The optimism hasn’t yet reached proportions that would make it potentially bearish from a contrarian perspective. Two-week old highs could be probed by 5 points up to 2114.75, first.

First Trade…
[Click here to view the Bias parameters] This morning’s bias parameters are far below. Exiting the open at 9:45 above 2100.75 would be likely to maintain the upward momentum. Exiting the open under 2095.25 would be likelier to dip back into the earlier ranging.