Pre-market Tour

From rags to riches? The overnight rally to 2135.50 had reversed down aggressively, plunging several points under yesterday’s lows down to 2126.50. All of which has been recovered, and then some, up to 2136.75. Greeting the open back in positive territory is already bullish, bullish enough that not reversing down immediately post-open could marginalize sellers for the day. But also extending immediately through yesterday afternoon’s 2138.00 high could form a “session-long rally” setup. If these elements can’t produce a rally, then a much bigger downleg would become likely.

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

The overnight rally has extended to attack 2140.00. The open is being greeted from above what would be the 2136.75 renewed bias-up signal. Now another prior high is being tested around 2136.75, and exceeding it or not through the open could define the next significant leg’s direction.

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

The overnight drop had entered a wide, choppy range largely contained by this morning’s 2118.00-2123.25 bias-down parameters. Bouncing through its upper-end has extended to retest Friday’s 2127.00 cash session close. RSIs are diverging negatively, but any bearish resolution must become obvious during the opening 15 minutes of volatility to have influence intraday. And now having bounced pre-open, resuming the decline should be obvious quickly. So, any delay in rejecting positive territory would tend to be bullish.

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

The overnight rally to 2138.75 ultimately corrected down to 2132.00 before resuming. At least, trying to resume. A bounce back up to 2138.00 is within proximity of Wednesday’s 2139.50 prior high, where an opening test could offer more clarity of this morning’s intent. Not even testing the prior high would not in itself be bearish, so long as the opening action isn’t already reversing down altogether.

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

The choppy 2115.00-2121.00 ranging is persisting into the open. Holding a post-open test of 2112.00 would allow a morning rally. Opening at or above Tuesday’s 2121.75 low and quickly extending to 2131.00 would establish a near-term bottom, too. Any other price action would likely resolve down, be it a shallow post-open bounce or a dip that doesn’t quickly recover.

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