The First Trade… Taking out targets.

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…
The bullish WedEX signal continued its influence through Monday morning. Recovering above 2115.00 was extended first to attack 2121.00, and then 2125.00. The afternoon”s attack on 2129.00 held up long enough for the rally to gain traction. A last-minute dip tested 2125.00 into the close.

Overnight action”s new info…
Monday”s late 5-point dip from attacking 2129.00 was recovered just enough to pierce it by midnight. That held until Europe”s opens, which then doubled the gain by surging to 2134.00. The surge hasn”t extended, and consolidating around 2131-2132.00 is now dipping to 2130.00.

If, then…
Reversing down this morning is possible, since  the target”s 2133.00 upper-end has been met. But its intraday retest likely because yesterday”s rally gained traction. The reward is control of the next morning”s bias environment — also with some complexity or trending. Otherwise, except for an errant tick at 2129.00, only a singular leg produced 2134.00, so it is not necessarily a “new Globex trend extreme” that requires intraday retest. A pre-open dip back to or under yesterday”s highs would make the overnight high”s retest likelier to hold, instead of extending higher today to 2140.00. Caveat: A pre-open dip into negative territory still could extend down this morning — after all, a big target has been met.

First Trade…
Exiting the open at 9:45 above 2133.00 would be likely also to exceed the 2132.25 bias-up target through 10:15, renewing the bias-up signal. Exiting the open above 2130.00 would be likely to trigger the 2127.25 bias-up signal at 10:15. Exiting the open under 2127.00 would be unlikely to trigger bias-up.