Pre-market Tour

Not much new developed overnight except for the very recent, very shallow break higher adding a couple of ticks up to 2179.00. Equally significant is its reaction back down under the earlier 2176.50 highs. Post-open deterioration could develop quickly, and should develop quickly if yesterday’s decline is extending down this morning to 2171.00 and 2166.00. Otherwise, probing aggressively above 2180.00 is still the minimum requirement to suggest a probe of new highs underway, first.

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

The pullback from touching 2183.00 overnight has extended down to touch Friday’s 2178.50 “lower prior high.” Its obligatory support hasn’t yet produced much of a bounce. Extending down deeper to greet the open back under Friday’s highs could isolate the overnight optimism and quickly extend down more deeply, setting a negative tone for the day. Bouncing instead to test last night’s 2183.00 “new Globex trend extreme” could neutralize its attraction — possibly also the 2185.00 bias-up target — should still be viewed cautiously for not attracting new strong-handed buyers, which would lead to collapse. Avoiding either of those scenarios would simply be bullish.

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

The Employment Situation report was greeted at 2162.00. A blip-down spiked back up to fresh highs at 2167.50. Its 4-point reaction down was recovered as quickly, to test 2168.00. And that’s essentially where the open is being greeted, gapping up above yesterday’s highs, which would be bullish if maintained through the open.

Extending higher at all today would likely extend a lot higher, as the market becomes comfortable that rate hike odds are factored in. If they’re not, and if post-open action can’t get out above 2168.00 through the opening 15 minutes, then a substantial reversal down would more likely define the session.

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

The BOE policy shift was greeted at 2158.00, and triggered a surge up to 2164.25. Its eventual reaction down is testing 2158.00 as support. Reactions by precious metals, bonds and currencies remain intact.

There’s no assurance of triggering the 2159.00 bias-up signal, or even touching it post-open. Either setup would put into play either a higher or lower objective. Whichever is signaled — if either — would likely extend beyond its initial objective, whether this afternoon or tomorrow.

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

The overnight dip hasn’t recovered, but its bounce from 2145.25 improved a little to touch 2151.00. A retest of yesterday’s 2141.50 low remains likely, and likely to be probed by several points. Probing above last night’s highs to test or attack the 2155.50 bias-up signal is possible first.

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