Pre-market Tour

The overnight drop’s consolidation continues ranging around yesterday’s 2160.00 lows, at this morning’s 2160.75 bias-down signal. A Symmetrical Triangle has formed, so a breakout would be credible for extending, with potential to retest the Triangle before resuming the breakout. And that retest would have some potential to reverse back into and through the Triangle, if done during the opening 15 minutes of volatility.

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The overnight high’s pullback to 2168.50 is being retested by 2 ticks, after an interim bounce to 2171.50. Opening at or under Friday’s 2167.00 cash session close to isolate the new highs overnight would be vulnerable to a deep intraday drop. Otherwise, retesting the 2177.75 overnight high would be in-play.

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The choppy overnight range continued narrowing into 2161.50, and then spiked down to attack the 2157.50 low. Its reaction was almost as quick, bouncing back up to and through 2161.50 by at least 1 point. Triggering the 2160.75 bias-down signal would get every benefit of the doubt for trending down this morning. Otherwise, at least gravitating back up to the 2168.00-2169.00 area is likely

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The reaction down from 2168.50 extended down to 2156.50. Bouncing almost 4 points is at least greeting the open at 2158.00-2159.00, which has been relevant support. Quickly extending above 2161.50 into positive territory could at least test this morning’s 2167.75 bias-up signal. Not quickly rejecting the dip to 2158.00-2159.00 could equate to not holding it, putting into play a at least a test of yesterday’s 2152.00 knee-jerk reaction to FOMC, and lower.

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Not much reaction to this morning’s Durable Goods report. So, the overnight flat-to-higher ranging and firming is maintaining a restrained optimism. The open is being greeted back at or above yesterday’s morning’s peak, testing critical resistance at 2168.00-2169.00. Almost any post-open strength would be credible for extending to new highs.

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