Pre-market Tour

The reaction down from touching the 2140.75 bias-up target had bounced off of testing 2130.00-2131.00. Its failure resolved in fresh lows coming within 3 ticks of this morning’s 2126.50 bias-down signal. Bouncing again is now probing back above 2130.00-2131.00.

Being yesterday’s cash session close, and today’s volume being slower for the Yom Kippur holiday, trending away from 2130.00-2131.00 will be difficult. More difficult if opening there. Trending attempts are no less likely, but less reliable for extending.

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

The overnight dip to 2151.75 had bounced to 2156.50 resistance. That bounce has now been retraced entirely to pierce fresh lows, assuring no gap up. Rallying soon after the open may have limited upside this morning, but it may also be the only way to avoid dipping deeper this morning — even if that dipping were not aggressive.

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

The overnight rally has extended to a fresh high at 2159.00. Maintaining the sentiment post-open is not at all assured. In fact, the week-long pattern has been to reject it, eventually if not immediately. This being the week’s first session, there is a greater potential for breaking with that pattern, but no assurance.

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

Payrolls was greeted at the 2153.75 upper-end of overnight choppy ranging. Its knee-jerk reaction spiked up above this week’s highs to 2161.50. Its reaction down plunged to 2149.75.  The plunge has been retraced up to 2159.25, ranging around this week’s highs. Rallying post-open has no need for any further backing-and-filling below, but a momentary dip could still be absorbed and reversed back up durably. Filling the gap back to last Friday’s close in the 2160.00 area and then reversing back down under yesterday’s 2154.50 cash session close would be bearish.

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

The overnight drop testing this morning’s 2147.75 bias-down signal had bounced up to 2151.50. Its reaction down touched 2147.75 and bounced again. While this range can be tested again post-open, exiting the open above it would be bullish. But not already rallying out of the open would make the drop more vulnerable to extending down this morning. Extending the decline need not be obvious quickly or become very productive, but a credible rally should be very obvious much sooner rather than later.

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