The First Trade… They’ve kept selling.

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…
Greece news triggered Sunday night”s gap down, and extended it through Monday”s open to eventually touch 2062.75. Firming 8 points into late-morning to test the 2071.00 open, and then surged 8 points more to test 2078.25. The balance of the session ranged sideways, supported by 2072.50.

Overnight action”s new info…
Flat-to-lower ranging crept back down to 2072.50 and then ranged narrowly around it. Its break came suddenly one hour before Europe”s opens, which were greeted at 2067.00. The break extended until one hour after Europe”s opens, piercing Monday”s low down to 2062.00. That extra dip was recovered, and and now more so, as 2071.00 is being tested.

If, then…
Sellers didn”t gain traction for yesterday”s efforts, so gapping down today is the only way to resume the decline. Gapping down would be defined by yesterday morning”s last relative low at 2068.00. Holding its support through the open and THEN declining is possible, but likely to be recovered. Meanwhile, holding its support through the open is likelier simply to rally back to yesterday”s 2078.25 highs. Having bounced already from an overnight slide, the bigger question right now is whether the bounce is rejecting that slide, or refueling it for a much deeper decline. Regardless of any unfinished business above, the decline is capable of resuming, aggressively.

First Trade…
Exiting the open at 9:45 above 2071.00 would be unlikely to trigger the 2068.00 bias-down signal at 10:15. Exiting the open under 2065.25 would be likely to trigger bias-down. Exiting the open under 2062.00 would start becoming likelier also to exceed the 2060.75 bias-down target through 10:15 to renew the bias-down signal, next targeting 2052.00.