Pre-market Tour

The overnight 10-point drop back down to 2148.00 had been retraced up to 2153.50. Consolidating there through the market Tour is now trying to break higher, testing 2155.00. That indicates a gap up, which would be very helpful to resuming yesterday’s rally this morning — instead of late-afternoon, at the earliest. Regardless of gapping up, not extending higher quickly would be vulnerable to trending back down this morning.

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

The overnight “Clinton Win” rally up to 2154.00 had retraced 61.8% already down to 2140.75. But now its reaction up to the 2146.00 bias-up signal has resolved down to fresh lows at 2135.50.

That’s really fresh lows, more than 2 points under yesterday afternoon’s lows. But it’s still 2 points above the overnight low, and exiting the open back above 2140.75 would signal another rally effort underway. But not recovering 2140.75 would suggest otherwise, and exiting the open under 2135.75 would all but confirm the morning will probe lower.

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

The struggle to extend the recovery above 2149.00 has included a touch of 2150.00. But that has reacted down to 2147.00. Not already recovering much more this close to the open does suggest the lows will be retested, regardless of their resolution, Immediately rallying out of the open would still be credible for extending, if also improved almost relentlessly through much of the first 15 minutes of volatility.

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

The overnight drop hasn’t extended down, at least not yet. Meanwhile, pre-open action just attacked yesterday’s 2167.50 open/close as resistance. Rallying this morning depends a lot on recovering positive territory much sooner rather than later. But holding within yesterday’s range above 2164.25-2165.00 would be a little less likely to trigger bias-down.

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

The overnight rally has extended to test the 2165.50 bias-up target, and to retest it by 1 point. Only 1-minute RSI became overbought on the original test, so it is now diverging negatively alone. Back under 2163.50 would be a compelling short-entry, being cognizant of a reversal down needing to be obvious much sooner rather than later. That could take the form of a post-open blip-up to fresh highs, first. But maintaining the gap up more than halfway through the opening 15 minutes of volatility would become exponentially less likely to reverse down.

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