Pre-market Tour

Backing off ANOTHER brink? Consolidating at 2195.00 support for 6 hours didn’t break lower, but higher, back up to 2203.00. That’s within 3 of where yesterday’s session greeted its final 3 minutes, which then suddenly plunged to fresh session lows. So, it is resistance. Probing any higher would likely test this morning’s 2206.50 bias-up signal. Not gapping down re-opens the door to one of the two setups that could — yet again — rescue the rally from being on the brink of a pullback targeting 2187.50. That setup would still require isolating a probe of fresh lows. More likely, the recovery’s challenge will be either to trigger bias-up.

Details and other markets coverage are discussed in the pre-market Tour recording here.

The overnight recovery had probed yesterday afternoon’s highs and come within 1 tick of neutralizing “unfinished business above” at 2110.50. A consolidation held yesterday afternoon’s 2208.50 lower prior highs before extending sharply to attack 2114.00. That’s also testing this morning’s 2113.25 bias-up target, whose recovery through 10:15 would renew the bias-up signal next targeting 2220.00. Rejecting the gap up before halfway through the opening 15 minutes of volatility would start to suggest that the entire overnight rally were being rejected, too.

Details and other markets coverage are discussed in the pre-market Tour recording here.

The overnight bounce up to 2206.00 has been retraced entirely to greet the open unchanged at 2200.00-2201.00. That’s not rejecting yesterday afternoon’s downleg, or its close under prior intraday lows. Which leaves only the 2203.75 bias-up signal as a defense against extending down to probe under 2192.00.

Details and other markets coverage are discussed in the pre-market Tour recording here.

The overnight plunge to 2199.50 has extended its recovery up to 2207.50, where Friday morning’s buy signal had triggered. Gapping down back under Tuesday and Wednesday’s “lower prior highs” is not a threat, so a near-term trend reversal is less likely. That doesn’t ensure resuming the rally immediately, but any retest of overnight lows must be absorbed and rejected quickly to avoid gaining downside traction.

Details and other markets coverage are discussed in the pre-market Tour recording here.

The overnight dip to 2202.50 has held, and the 2207.25 overnight high has been attacked to within 1 point. Some indication of upside traction through the open could drift higher into the early close. Similarly, a failed attempt to gain upside traction could drift lower. Not attempting to gain traction would suggest the balance of the session will either fluctuate narrowly, or unpredictably.

Details and other markets coverage are discussed in the pre-market Tour recording here.