The First Trade… Still a corrective dip?

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

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Monday’s gap down had extended lower without hesitation, not until fulfilling the 2075.00 minimum corrective target that was required after Friday afternoon’s weak-handed rally. The balance of the morning extended down, too, fulfilling the correction’s penultimate potential to 2065.00. The balance of the session ranged choppily sideways, until a late surge ended the cash session back at 2075.00.

Overnight action’s new info…
The late surge had extended up to 2082.00 through the futures close. The Globex open immediately reversed back down to attack 2069.00. Choppy flat-to-lower ranging went on to attack yesterday’s ~2065.00 lows. And now that is breaking lower to 2062.00.

If, then…
Yesterday’s late surge didn’t require being corrected since its sponsorship was not counter-trend. Correcting anyway could be satisfied at 2073.00 or 2071.00. Dipping deeper overnight is not predictive, not even all the way back down to yesterday’s lows. Already recovering back above 2073.00 or 2071.00 through the open could leverage the extra rejected dip into a much more powerful morning rally. Otherwise, Monday’s correction of Friday afternoon’s rally may instead resume to its ultimate potential target of 2060.00.

First Trade…
Exiting the open at 9:45 under 2071.00 would be likely also to trigger the 2073.25 bias-down signal at 10:15. Exiting the open above 2075.00 would be unlikely to trigger bias-down. Exiting the open at 9:15 already back under 2065.00 would be likely also to exceed the 2066.75 bias-down target at 10:15 to renew the bias-down signal.