The First Trade… Still seeking out lower levels.

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

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chaRTroom here
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(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Seeking out buyers at lower and lower levels. Tuesday”s recovery had failed to attract new sponsorship above its 2110.25 intraday high, forcing it to seek out buyers below. Its 2098.00 pullback target defined Wednesday”s open and the bias environment”s low. The noon hour”s dive to 2090.50 was recovered in time to greet the FOMC statement from above 2098.00. Rallying to 2108.00 was a little premature, and the day ended back at 2098.00.

Overnight action”s new info…
Europe”s opens again marked a different tenor as sideways ranging until then suddenly broke lower. Yesterday”s low was pierced by 1 tick at 2090.25. Headlines have been active on BOJ, Ruble, and Greek pension payments.

If, then…
Yesterday”s FOMC reaction was inhibited from extending higher, because of excessive optimism during its initial reactions down to 2095.25. It could have been remedied yesterday at 2093.50. Having tested 2093.50 overnight, gapping up today above 2104.25-2105.00 and extending through yesterday”s highs above 2108.00 would serve by proxy for the delay. Otherwise, the delay now requires retesting Tuesday”s 2088.25 low. Too low could start to attract much more substantial selling pressure.

First Trade…
Exiting the open at 9:45 under 2090.00 would be likely also to trigger the 2093.50 bias-down signal through 10:15. Exiting the open under 2085.00 would be unlikely to recover the 2086.50 bias-down target by 10:15, renewing its bias-down signal. Exiting the open above 2101.50 would make the bias-down signal unlikely to trigger.