Pre-market Tour

The narrow overnight range persisted to greet the open, the third consecutive such range, albeit biased slightly downward. There is no requirement to resume Monday’s rally that had begun at late Friday afternoon’s test of support. But its eventual reversal isn’t required to begin this morning.

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

A mostly narrow 4-5 point range began breaking higher an hour before the open. Friday’s late bounce target of 2170.75 was probed by 1 point. Exiting the open any higher would likely avoid triggering bias-down. It is meanwhile resistance, and its reaction down would likely test 2166.00 support.

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

A fresh low printed momentarily down to 2171.75 in reaction to an econ report. But the heresy was put down quickly by snapping back up into the otherwise narrow overnight range. The market quietly awaits the embargo being lifted on Yellen’s opening remarks at 10:00am (previously stated incorrectly as 11). The session will depend on whether a test of 2187.75 above or ~2168.00 below is held or broken through a relevant timing window.

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

The last overnight bounce to 2175.00 was retraced entirely back down to its 2169.75 low, and through it by 3 ticks. Shallow ranging there hasn’t recovered. Nor has it extended just another tick to at least touch yesterday’s late-afternoon 2168.75 low. That still reflects optimism, or restrained pessimism, either one being potentially bearish from a contrarian perspective.

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

The 2187.00 area has held the overnight recovery. Reacting down to 2185.00 must hold to isolate the overnight drop,and to resume the recovery. Otherwise, retesting the 2180.75 overnight low would be likely, and becoming a new downleg would be possible.

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