The First Trade… What? No overnight plunge?

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

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

Through the prior close…
Surging into the noon hour to a new high at 2112.75 began a relatively narrow range back down to 2109.50 until the 3:10-3:20 timing window. The window”s blip-up to new highs at 2114.50 was retraced back down to the morning”s high, just touching it, which was just enough to undermine the breakout attempt. Its reaction down extended to 2106.00, a multi-session breakout.

Overnight action”s new info…
Gyrating down to 2103.00 had ended in time to start firming into Europe”s opens. A 10-point rally from there pierced yesterday”s 2112.75 noon hour high. Headlines focused on EU finmins dressing down the Greek finmin accompanied a reaction down to 2105.50. That has now recovered to test 2110.00.

If, then…
What? No overnight plunge? Seems like the market has finally entered its next stage, as has been expected. Also expected is that this stage is brief, and that it ends poorly. A new high close on Fridays is all but assured to recover eventually from reacting down on Monday, which would be the case anyway for confirming yesterday”s breakout. None of which would affect whether new highs are likely to be brief, only the timing of their ending poorly — sooner and more horribly if missing the opportunity to entrench the rally. To the degree that today”s close will reflect sentiment, it may also be predictive of reactions to high-profile Tech and Biotech earnings early next week (e.g. AAPL, GPRO, GILD). Meanwhile, this being a Friday, the morning”s bias signal tends to persist through the noon hour.

First Trade…
Exiting the open at 9:45 under 2106.75 would be unlikely to trigger the 2114.75 bias-up signal at 10:15. Exiting the open under 2098.00 would be likely to trigger the 2101.50 bias-down signal.