Pre-market Tour

The reaction down from 2144.00 has extended to 2136.00. Yesterday afternoon’s 2138.75 high — preferably also 2139.75 — should be recovered through the open to maintain this morning’s rally potential. Exiting the open above 2140.50 would be optimal to keeping Monday morning’s 2146.75 high in-play, even if only attacked before everyone starts cowering ahead of the afternoon’s FOMC events. Not exiting the open above yesterday afternoon’s high could be bearish, but probably not much if not immediate.

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

The overnight recovery to 2142.00 is holding up into the open, and little excuse to delay retesting yesterday morning’s high around 2147.00. For starters. Still, a post-open dip under 2139.00 would be a compelling long-entry. There’s room to probe under 2137.50 would suggesting that momentum is reversing down. And that’s even less likely if a dip is delayed until after the open has held up above 2139.00. Any credible reversal down would likely be obvious early.

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

The open is being greeted with the overnight rally still fluctuating at or above this morning’s 2141.00 bias-up target. Several points of room under it could be probed post-open before even suggesting that momentum may be reversing down — but reversing down is likely to be done aggressively, if the overnight rally is being reversed. Just backing-and-filling or hovering in positive territory would more likely reflect restrained optimism, which would be more bullish from a contrarian perspective.

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

The overnight drop had tested this morning’s 2127.00 bias-down target. Now its recovery is attacking the last downleg’s origin to within 1 tick at 2136.00. Twice. It could be probed a little higher yet, up to 2137.50, and remain very vulnerable to reversing back down to and through the overnight lows. But not triggering the 2132.75 bias-down signal would allow the bounce to retest yesterday’s 2144.50 high before ranging flat-to-lower this afternoon.

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

The BOE reaction down from 2123.25 extended ultimately to 2117.25. Ultimately, for awhile. Its recovery to fresh highs tested the 2124.25 bias-up signal by 1 tick. And now ITS reaction down is probing lower lows down through the 2114.25 bias-down signal by more than 1 point. Gapping down and immediately extending to test 2110.50 would be a critical decision-point, as discussed during the Tour.

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