Pre-market Tour

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

NEW DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Wednesday’s open was greeted unchanged from Tuesday’s 2385.00 close after ranging narrowly overnight. Neither of which prevented a morning rally to fresh highs attacking 2395.00. Maintaining the rally or extending it was prevented by the rally itself, having originated from unchanged after not gaining traction the prior afternoon. It was doomed to failure, which finally proved out during the last half-hour’s slide to fresh session lows at 2382.00. Bias-up targets were met, and only the morning’s overbought RSIs were left outstanding by a 1-tick miss.

Overnight action’s new info…
Immediately extending Wednesday’s late slide several ticks to 2381.25 ended the leg. Or paused it. Overnight action has duplicated the prior night’s narrow ranging, back up to 2385.00, and back down to 2381.25. Now a surge is testing 2386.50 as ECB’s policy statement takes the stage.

If, then…
Today may yet extend yesterday’s reversal further down. By two consecutive closes above 2375.00 putting into play new highs, the rally can rest on its laurels. Briefly, so a productive pullback will be steep. A bounce has room up to 2388.00 before suggesting the rally is already resuming. Mario Draghi’s press conference following the ECB’s policy statement is a reliable catalyst for expanding volatility. The pre-open Durable Goods report is influential to price action, too, and quarterly earnings remain in full-swing.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2378.00 would be likely to trigger the 2380.25 bias-down signal at 10:15. Exiting the open above 2385.00 would be unlikely to trigger bias-down. Exiting the open above 2386.50 would be likely at least to probe the 2388.00 bias-up signal.

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

NEW DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Tuesday’s gap up to 2377.00 extended quickly to 2387.00 through the bias timing window. The bias environment and noon hour ranged sideways, but the afternoon bias environment exit was probing fresh highs. Like Monday afternoon, no traction was confirmed. And like Monday afternoon, the balance of the session trended back down.

Overnight action’s new info…
The Globex open quickly touched yesterday’s 2382.25 low and began bouncing 4 points. Retracing to within 1 tick of the low also reacted up 4 points. The range remains intact as the initial low is being attacked to within 1 point.

If, then…
Yesterday’s close above 2375.00 put into play new highs. Subject to confirmation by closing above 2375.00 today, too, preferably higher. Pullbacks meanwhile may test 2360.00-2361.00 as support without reversing the trend down, and being able to reinstate new highs. Probing under yesterday’s lows seems likely since yesterday’s buyers gained no traction and the rally hasn’t extended overnight. Delaying a rally effort much longer would be too late to be credible, and would be vulnerable to reversing down sharply.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2390.50 would be likely to trigger the 2388.00 bias-up signal at 10:15. Exiting the open under 2385.25 would be unlikely to trigger bias-up. Exiting the open above 2383.00 would be unlikely to trigger the 2381.25 bias-down signal.

Proper context can start the day with a solid win and make all the difference.
NEW! Market Tour transcript included at the end of this post…

NEW DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
The bearish WedEX faced the mother of all headwinds Monday, after Sunday night’s open had gapped up 20 points to 2366.00. The influence had a little help, since extending 11 points higher overnight had been largely retraced. And the overnight high had held a test of 2375.00 resistance. Monday morning’s bias environment was exited trending down 6 points back to 2366.00. Immediately reversing up probed fresh post-open highs at 2374.00. The final hour entry and proxy window each failed to exploit opportunities for launching a short-squeeze. The final hour dipped again to attack 2368.00 through the futures close.

Overnight action’s new info…
Touching Monday’s post-close 2368.25 low a couple of times eventually reacted up. Monday’s late high was probed by 1 point to 2375.00 before Europe’s opens. Retracing to 2371.50 has since hovered back under 2374.00.

If, then…
Monday afternoon’s inability to exploit short-squeeze setups suggest the rally lacks sponsorship. This is in addition to Sunday night’s temporary extension of its gap up, and now two consecutive nights of not reacting to Europe’s opens. Closing above 2375.00 would be bullish, notwithstanding the need for confirmation. But probing above it intraday would be vulnerable to an afternoon reversal. Already trending down at the open would have little support below.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2377.00 would be likely to trigger the 2374.25 bias-up signal at 10:15. Exiting the open under 2373.00 would be unlikely to trigger bias-up.

Phonetic dictation…
[NEW! Unreviewed voice-to-text real-time dictation of the Market Tour recording. Again, not reviewed or edited in any way, which can be equally confusing and humorous.] hey good morning and welcome it is Tuesday it’s time for Tuesday’s Morning Market or we have a basically either or or perhaps situation I just feel quickly one more look at the bigger picture what’s bigger picture which is this downtrend ever since the beginning of March so basically coming into two months eight weeks or more and the downtrend trying to break higher try to break her from a higher low for my Harlow that stopped optimistically short of neutralizing attractions below so the context is at this is just a correction the context is that wherever this way again it is and it resolves down we’re not looking at this point at lunch and a new Bo Market rally it’s choices are either to hold a test of downtrending resistance touches I typically the last touch the last touch was back here of one two three Wednesdays ago well the f1c minutes that greeted when I tried to Trend higher rent way 375 and collapsed into what is the last most recent down leg of this decline sort of sort of cuz it didn’t make a fresh aloe or if that were to give way than by proxy we look for a complete replacement car doesn’t have any interruptions there and look for an interim complete race me to retest and probably not touch it touch it was tested by Sunday night temporarily getting anywhere maybe because I was today it still requires Wednesday yesterday afternoon through Sunday nights there is 5123 6061 would be the first opportunity for a and attraction and be launching a recovering but we’ll deal with that if we do start saying the reversals alright looking higher unless we get some kind of first we need to get a break about 2375 but after that will give buyers rent for the dad if we don’t see a break then we’ll until we do or certainly going to be monitoring for a break I will be monitoring for any downside probes to gain traction or hold the test of support that gives us a better long entry okay other markets I’ll see last week’s Lowe’s stopped optimistically short of filling the Gap in the prior week’s close so this current bounce likely only temporary the pound if it can get a deeper pulled back in here then we have a higher degree of confidence that the rubber bands been stretched so I can snap but to resume its rally that’s being delayed I mean as that’s being delayed or avoided even if it’s possible that down treading resistance brakes higher any degree of confidence in that needs to needs to be fulfilled before getting too far to the Apex too close to the apex of the triangle breakouts just don’t have a high degree of reliability when they wait too long Looney still looking barish there is I’m going attraction below to a fresh glow under that triangle and then the Euro which of course just was outrageous yesterday Sunday nights that tested the 261 date of the Super Bowl correction that have been forming and tried to treat her Friday and didn’t got their health their 10905 the Line in the Sand was not recovered through the clothes so probing hired today if it doesn’t close about 1 or 9:05 then we’ll definitively call that a near-term top and anticipate then closing back and it went to 860 to test lower for hives back at the last week’s silver bounce back into Friday’s range Freddy’s range which went out testing 1790s pull back limit avoids being considered a break under 1790 despite closing under 1790 but it doesn’t avoid the clock starting to check if that is in fact a narrow shave it needs to be exploited aggressively today so close you about 1790 and just get on its way to recovering 1805 1810 if not also 1818 to resume that rally any delay at this point and exploiting that near saved is not bullish got to get that done quickly or that opportunity lapses meanwhile gold even though it held a couple of try to cover basically bouncing from a couple of soft down Sunday night and then it’s retest ahead of their attack ahead of USA’s open nevertheless I must we get out of of 1280 really quickly today probably going to retest both of those and potentially down to 12 6162 before a better bottom conform long blonde nobody needed safety yesterday and doesn’t look like they’re needing safety today reversing back down the essays open at yesterday’s will see nights open that is Sunday night so I just arranged sideways until yesterday’s Cash station open until socks opened and then rallied so that low is being rejected it’s not yet and break it’s just really yesterday’s open but it that is a big Line in the Sand itself and that is at 1:50 to 26 you need to hold 150 – 26 just to maintain the orbit around the one week old gaffer sorry closing at 1:55 13 that tends to be filled even though it was never confirmed by a second consecutive are closed it wasn’t rejected him had a couple of inside days essentially so the opportunity to reject that hi to break free of its orbit already done this is this should be just skipping off its atmosphere and back back up to it Royal slash consequence this pull back all the way to what in the confirmation of the original bicycle that’s a relevant level it’s been tested a couple days big opportunity for that to hold as support not that it’s going to nothing it has a greater chance of launching a remediate recovery but to start trying I was going to find resistance if it tries at 5055 5065 called 50 60 that’s the big Line in the Sand that likely the first attempt to break higher bounces or reacts down from but then gets out that’s the bicycle that’s actually an attraction it would just be natural to come in here and testes Harlow’s anyway so if the Ruidoso 4930 were to break lower Prima this point having held its just for a couple days trying to resume the decline at this point probably holds so the to buy the two one entry opportunities are after reacting down from 50 60 to find them the next rally Lane that should be the bigger performer or at this point if I initially there is a test of 4890 intraday it may be the most conservative one entry would be let a dip test 4890 and then recovered it close preferably positive that would be the clearest sign that this pull back has ended API is released after today’s close and then tomorrow natural gas confirmed Fridays break out under this is June now what was 313 never 321 confirmed it yesterday with a second consecutive lower close so immediate follow through isn’t necessary but some of that jewelry stores are closed ears alright ending the recording here as we sit at the 23 24 25 which is this morning’s bias up signal still need to get out of a 2377 through the oven in 15 minutes about sylheti to have any greater degree of confidence that buy a simple trigger any questions and I will see you there before they open okay everyone good luck today

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

NEW DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
The WedEX signal’s bearish influence began Friday afternoon. That didn’t prevent the morning trending down from 2352.00 to 2345.00. Its last gasp was reversed down suddenly at noon, extending through the noon hour to touch the afternoon’s 2340.75 bias-down target. The bearish WedEX influence didn’t prevent a favorable knee-jerk reaction to headlines on tax reform plans to be released within days. But the noon hour entry wasn’t recovered, keeping the afternoon flat-to-lower.

Overnight action’s new info…
French election results precipitated Sunday night’s open gapping up 20 points to test 2366.00 and extend to attack 2373.00. Consolidating down to test 2365.00 had recovered into Europe’s opens. Fresh highs a couple of hours later have attacked 2377.00.

If, then…
Friday’s low originated at obligatory support, triggered by an artificial catalyst. The burden of proof was left on buyers. They seem to have delivered, at least for the purpose of avoiding an immediate collapse. That collapse was necessary to end the decline constructively, which isn’t being accomplished by leaving another gap outstanding. Meanwhile, a corrective bounce would find resistance at 2375.00 (discussed during this weekend’s Saturday Review), which is now being tested. Suddenly by gapping up, just as the WedEX’s bearish influence is scheduled to resume. And we’re assuming WedEX was mildly influential Friday afternoon, so its influence Monday morning should be aggressive. Trending back down through the opening 15 minutes of volatility would help to confirm, or at least not trending any higher than the open. Otherwise, the morning will be vulnerable to trending up throughout.

First Trade…
[Click here to view the Bias parameters] Bias parameters derived from recent patterns are far removed from this morning’s open.

Proper context can start the day with a solid win and make all the difference.
NEW! Market Tour transcript included at the end of this post…

NEW DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Thursday’s gap up didn’t even touch Wednesday afternoon’s high. But bias-up was triggered and the gap was maintained. The 2345.50 bias-up target’s attraction restarted the rally as the bias environment began lapsing. That started a rally into the afternoon bias environment’s 2358.25 high. The rally’s next higher objective at 2355.00 was neither confirmed nor rejected through a relevant timing window. The close eventually drifted back down to 2352.00, whose break through the close would have rejected the test of 2355.00.

Overnight action’s new info…
Hovering narrowly at 2352.00 support had begun firming to greet Europe’s opens at 2356.00. But that was only retraced to attack 2352.00. Now a bounce is attacking 2356.00.

If, then…
NOT closing above 2355.00 did NOT put into play 2360.00-2361.00. But that does NOT preclude it being tested. The setup DOES make it difficult to exceed 2360.00-2361.00 if tested, and difficult to reverse if exceeded. Fresh overnight lows would have to be substantial to reverse momentum down into the open, and to avoid testing 2360.00-2361.00. Meanwhile, the bearish WedEX’s afternoon influence is looming, and it’s possible that yesterday’s rally was exaggerated by expiration jockeying.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2355.00 would be unlikely to trigger the 2357.50 bias-up signal at 10:15. Exiting the open above 2352.00 would be unlikely to trigger the 2349.75 bias-down signal.

Phonetic dictation…
[NEW! Unreviewed voice-to-text real-time dictation of the Market Tour recording. Again, not reviewed or edited in any way, which can be equally confusing and humorous.] good morning welcome it’s Friday it’s time for Friday’s Market or its expiration that’s interesting it is expiration after a tremendous rally yesterday what was the session long Miley behavior well I said she Long Valley Behavior that didn’t trigger above the prior afternoon Hyatt triggered at the open it triggered at the noon at the bar beside it into the noon-hour above the noon hour so interesting interesting that I timing Windows strike even the expert on his own time in Windows can learn something from his own timing windows and maybe that is a new set up and I’ll be testing for it which is interesting because it brings out some other instances of similar to Clines it started late set up here anyway produced a lady looking likely to follow through just applying some such a long valley principal or characteristics to this following session because it’s Echelon the rally will tend to extend into the next morning not necessarily durably which is interesting as well because overnight is it react it wasn’t rejecting what yesterday’s clothes didn’t reject them that was testing 23 5555 if exceeded would next Target 6061 and that was calculable couple days ago actually that last Thursday as we were bouncing had that taken off that was the next objective 6061 it happens now go to be coming siding with this down sign it down trending resistance from the highs interesting show 2355 if it is closer to put that in the play already 6061 instead it’s not in play it also wasn’t rejected 2355 was still being tested through relevant timing Windows now the clothes could have dipped under 52 and by proxy had explained it so 55 did hold 52 Hill so little is much pressure is could have been expended without rejecting 55 was expended and by the way the test at 35 and windows so that extending hired to test 66210 it’s not actually in play on play but if it is tested it’s tested from an unstable base basically that window needed to extend higher it didn’t at least it did expend all available energy all selling pressure that is without reversing down so there’s that justification to snap back up that set up the snap back up and it isn’t being rejected overnight to let something weird happens pretty open and this drinking time prior to the open today actually took a rub down under 45 that holds under 45 idealizing pressure to expand Justin get to support and then be expected to extend them which isn’t so unless that happens 6061 likely to be tested the question is whether it succeeded 360 60 1 Word a hold an early test this morning like 55 held its late test the likelihood is that we react down from there and trim down from there especially since there is a baritz wed x number the Barons FedEx Signal like I said it has nothing to do with Thursday Thursday can change it by getting up high enough it didn’t otherwise the bearish wed x signal tells us that price action into and out of the weekend Friday afternoon or Monday morning he is likely to trim down we’ll see if we have 61 going to be a little suspicious of that bearishness coming but if 6061 is tested this morning and it’s already reacting down into the new down especially but we acting out into negative territory there’s whole lot of ground done had I can be covered in the afternoon as well by the way I don’t mean to discount or at least dismiss the potential for extending R23 6061 is take it out the next time jective is the last Touch of this down training resistance the last touch was that f1c minutes couple Wednesdays ago fomc minutes reaction there happens to be over but are inside at that first time at standing got a big influence but Wednesday we were to get into a door but it would be big attraction so there’s room to 75 and higher 6061 is taking out on a timely basis alright go ahead and post them before they open today we do have a Saturday review tomorrow morning don’t forget set up here it set up this is day 3 that would have been like had a close to higher than the second as high as opposed to dip and back down into its range that did happen to neutralize the gap bad to back to Wednesday’s close so downside attraction is neutralized that doesn’t prevent extending down anyway in fact we have extended down any way back down to 107 25 which is the bicycle that was triggered sort of but not confirmed so we’re not looking for one around here the ones that if we do know other than closing to 107 25 or 8 we diminish the upside momentum still need to close under-16 8506 92 reverse it down with the euro is that if there were up for today it would likely fail and likely fail so much as to close negative Lily is really followed through on it cell signal and it’s a traction back down to the Lowe’s lower level or ventral little close is outstanding I don’t have a set up and won’t have it set up maybe we’ll have something in here I mean you can just sort of C resistance for me but that shirt is really still being Consolidated and in The Odyssey still attracted to really needs to fill this Gap as I said at the time even though we knew there was a overdue corrective bounce coming to at least 75 50 that that’s no way to to form a bottom but leaving a big gap at staying like that so it’s quickly on the way to being traced silver gave way it already closed Tuesday under the 1830s pull back on it it’s been a couple days covering their yesterday’s break under it at least held 1790 support member that was a big objective on the way up still holding it overnight so at this point clothes back about 18 18 closing back about 1818 would be considered again has a Buy Signal as credible for ancestry test in the hive will probably be launching the rally higher highs or lows gold meanwhile I’m really really took the edge off from sellers win Wednesday’s drop fill the gap and held it and by hovering there yesterday suggest that there’s some backing and filling to the upside probably fill in the Gap that to the 1294 area before any kind of down so I can be that credible huge huge close up here needs to be filled it’s not required before some downside downside Target cell signal Target and now we’re just waiting the target met quickly help quickly this just go to signal in here that requires extending that any deeper the quick reaction down for meeting at 5355 Target or at least quickly holding it not a lot of back in feeling here does suggest that it can be rested even in the most Bears scenario but no active natural gas once again holding 313 cell signal so keeping a lot of potential for about to 327 before the job is completed if there’s a question and don’t forget about tomorrow