Pre-market Tour

More than just pierce yesterday’s late 2145.50 high, overnight strength has now extended up to 2151.25. But a pre-open dip down to 2147.00 is revealing the resistance above this morning’s 2147.75 bias-up signal. Not triggering it would point back down, keeping alive the post-open bearish setup created when yesterday’s decline gained traction. Otherwise, inverting that influence would be credible by extending up through the 2153.00 bias-up target, preferably already through the open.

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

The 2159.75 overnight high’s reaction down has extended pre-open to a fresh low at 2152.25. That was brief, and price has been ranging flat-to-higher around yesterday’s 2153.50 close. Still, the most recent action is pessimistic, keeping alive the potential for bullish behavior post-open. Extending back down post-open should be obvious almost immediately, as almost any delay becomes increasingly bullish.

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

Detached from Friday’s late drop though it may be, Monday’s pre-open price action has begun dropping, itself. Ranging overnight around Friday’s 2160.00 cash session close has formed a Symmetrical Triangle. Its false breakout would target 2147.50-2150.00, which could be reacting up already if met early enough during the opening 15 minutes of volatility. Not met early enough, or yet reacting up, would no longer be influenced by overnight patterns. A less common false break pattern would be considered reversing up back above 2158.50. But anything lower and later would be vulnerable to extending down this morning.

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

Yesterday’s noon hour plunge is losing more credibility as the overnight recovery persists into the open. Not resuming the decline at the open could allow end o’quarter portfolio window dressing to influence price action, possibly more so than it was impacted by yesterday’s price action. In other words, recover all of the plunge, and then some. The weekend’s impending illiquidity already influences Friday morning aggression, which should be extreme if a recovery is underway. Add to it what is constructively a three-day holiday weekend since Monday is Rosh Hashanah, and many market participants are at services.

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

The overnight reaction down has extended pre-open to touch the 2157.50 bias-down signal. Another couple of points lower through the open would be likely also to trigger bias-down. Otherwise, holding its test could at least produce a bounce back up to the 2170.00 overnight high, which is also this morning’s 2167.00 bias-up signal. Actually trending up any higher through the morning would be unlikely without extending straight up through the open.

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