Pre-market Tour

Flat-to-higher narrow ranging is attacking yesterday’s 2163.00 cash session close. Repeatedly attacking it, each time stopping pessimistically short of actually touching it. That’s potentially bullish from a contrarian perspective. Unleashing the pent-up buying pressure at the open should surge through the 2165.00 overnight highs if this morning intends to recover. Otherwise, almost any delay or detour could test the 2156.00-2158.00 area, and begin a deeper decline.

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

Pre-open fluctuation is still overlapping Friday’s 2168.00 close, essentially unchanged. Lacking momentum this near the open doesn’t prevent suddenly finding sponsorship to attempt trending. But whether probing fresh highs up to 2175.50 or backing-and-filling down to 2060.50, durable trending is unlikely.

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

The overnight bounce up to 2164.50 had pulled back to 2160.00. Twice. Each reaction up has been shallower and shallower. Gapping up doesn’t prevent a post-open dip that probes yesterday’s lows this morning — but that dip and probe would likely recover. Meanwhile, resuming the overnight rally would target a retest of Wednesday’s highs, which also would be likely to reverse back into the range.

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

Yesterday afternoon’s 2166.50 lower-end is still resisting the 2163.00 pullback limit test’s reaction up. A post-open dip would have room down to 2161.50 while still being likely to recover, and to probe yesterday’s highs — probably also this morning’s 2171.25 bias-up signal. Dipping much deeper for much longer would more likely put the morning on defense.

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

The reaction down from 2167.25 has extended down to 2163.00. That was the latest upside objective created yesterday morning, so it is trying to offer support in being tested from above. It may not. The pullback has room down to 2161.50 before even threatening not to resume rallying this morning.

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