Pre-market Tour

The overnight drop’s 2169.00 low had reacted up to 2172.50. But ranging since then has now returned down to 2169.00, all but assuring a test of yesterday morning’s 2169.50 “lower prior highs.” Its test wasn’t necessary before rallying this morning, but it can be very constructive… if held. Otherwise, the rally will be on defense this morning, and sellers might be on offense.

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

The reaction down from attacking 2170.00 overnight has now twice tested Friday afternoon’s 2162.00 high, and twice bounced out of it. The second bounce extended back above yesterday afternoon’s 2164.00 high to 2167.50. Now its reaction down is testing 2164.00 as support.

Maintaining a gap up above 2164.00 is the minimum requirement for immediately resuming yesterday afternoon’s rally. Preferably also extending quickly back above yesterday morning’s 2168.00 high. Otherwise, back under 2161.00-2162.00 would be vulnerable and increasingly likely to launch a deeper corrective dip.

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

The drop from the 2174.50 overnight high has been retraced by 61.8% to test 2169.00. That’s also the preliminary signal whose recovery through 9:45 would suggest bias-up will trigger at 10:15. Nothing prevents the bullish scenario from rallying immediately post-open to extend the pre-open bounce. Rejecting the pre-open bounce need not develop so quickly, but back under 2163.50 would start to suggest at least a retest of Friday’s “lower prior highs.”

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

Bouncing off of the 2151.25 overnight low has extended up to 2161.50. Reacting down 5 points from there is essentially greeting this morning’s open at its 2157.50 bias-down signal. There’s no requirement to resolve in either direction in any particular time frame. But the morning’s bias — putting into play the bias-down target, or an offsetting test of the bias-up signal — is likely to define price action through the noon hour.

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

This morning’s 2171.00 pullback limit held the first reaction down from the 2180.50 overnight high, bouncing 8 points. Bouncing off of its retest was shallower and briefer, and temporary, breaking lower to test yesterday afternoon’s “lower prior highs” down to 2165.00. Since the rally gained traction yesterday, resuming it or inverting it should be obvious within the first several post-open minutes.

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