S&P
Slow-playing strength before the open?
Slow-playing strength before the open? Aimless flat-to-lower ranging had been retraced to attack Sunday night”s 2110.50 opening peak. A reaction down to 2108 has recovered to attack that surge”s high. If this is “restrained optimism,” then immediate post-open strength through 2111-2112 would be credible for extending higher this morning. It would be vulnerable to whipsawing back down, of course, but much less so if maintained through 9:45. Whipsawing back down, or not even surging post-open, would remain vulnerable to probing the overnight low — perhaps to test 2101.50 or lower before the stretched rubber band can snap back up.
Here”s the pre-market Tour recording:
https://roddavid10.mitel-nhwc.com/join/fbfwxxy
The First Trade… Back to business.
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…
.Friday morning”s bullish reaction to the pre-open Employment Situation report had gapped up above the critical 2090.00-2095.25 resistance. Higher and higher resistance was tested until the upward momentum finally peaked at 2013.00 through the bias environment”s exit. Sideways ranging into the weekend held 2107.50.
Overnight action”s new info…
Flat-to-lower ranging gyrated as low as 2105.50, where a surge has now attacked the 2110.50 open. But the overnight range is still relatively narrow.
If, then…
If the open isn”t rejecting Friday”s rally, then it is likely to extend higher — probably today, if not already this morning. Opening only slightly in negative territory could gain traction by trending down through the open, And still be absorbed. But opening even slightly in negative territory would be unlikely to extend higher this morning. Opening in positive territory and quickly extending through Friday”s high may be the only reliable start to a morning rally.
First Trade…
Exiting the open at 9:45 above 2111.00 would be unlikely to trigger bias-down at 10:15. Exiting the open above 2114.75 would be likely to trigger the 2112.00 bias-up signal at 10:15.
Good morning! Very narrow flat-to-lower
Good morning! Very narrow flat-to-lower ranging isn”t making any reliable forecast. Not extending Friday morning”s rally doesn”t equate to rejecting it. I”ll have more observations and parameters in the First Trade blog post, and then will see you at the pre-market Tour. Meanwhile, here”s chaRTroom links to view the action:
Win – XP friendly: http://anymeeting.com/661-781-179
non-xp ilinc-Mitel: https://roddavid10.mitel-nhwc.com/join/bfyytsh
China lowers its interest rates
China lowers its interest rates again. Its effect has been diminishing, so it will be interesting whether it registers overnight. We”ll soon see, as Globex opens in less than an hour. Below are the links to view price action. I”ll be checking in, and if I don”t see you then, I”ll see you in the morning the pre-market Tour:
Win – XP friendly: http://anymeeting.com/103-920-957
non-xp ilinc-Mitel: https://roddavid10.mitel-nhwc.com/join/bfyytsh
Saturday Review’s recording (for 5/9/15) …One more shot at new highs?
This coming week begins with a Bank of England policy statement, the first since Thursday”s elections. Following it is a Eurozone meeting, the last ahead of Tuesday”s scheduled Greece debt payment of 750 million Euro.
All of which follows two wide-ranging weeks. All of which was contained within an ongoing three-month long range, but they were the fastest round trips within it, yet. This things getting ready to blow.
We discussed the scenarios — how to know what path the market is taking, and its implications. Then we reviewed stock chart analysis requests, listed below and in order.
Click here for an MP4 recording (or here for ilinc/Mitel).
BABA
SLF
CSCO
M
AAPL
BT
BNO / USO
DB
CELG
AMGN
ALXN
P
Gold, Oil