Pre-market Tour

A reaction off of 2082.00 reached 2088.00 before reversing to fresh lows at 2081.00. All of which has been ranging around this morning’s 2085.00 bias-down target, which is being tested more narrowly just ahead of the open.

Nothing requires retesting the overnight low, or prevents rallying this morning. But renewing the bias-down signal would target much lower lows in the correction.

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

The overnight recovery from Europe’s opens has tested 2091.50. The open is being greeted at or above yesterday’s 2088.75 highs. Triggering bias-up would get every benefit of the doubt for extending higher, even if only through the morning. That said, there is extra potential ahead of the three-day holiday weekend for sellers to exploit early strength and/or early weakness.

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

Rallying 17 points since Europe’s opens, from 2056.50 up to 2073.75, has been retraced by 61.8% down to 2062.50. That’s bouncing a little now, but dipping much lower much past the open would start to suggest this morning won’t rally. Otherwise, overnight lows will likely be retested up to 2077.00

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

Yet another single-minded relentless overnight rally. Yet higher highs greeting this morning’s open, now testing 2045.00.

Similar setups that appear sequentially tend to resolve differently. Yesterday’s open hovered momentarily, and then surged into the bias environment, which retraced back down to fresh post-open lows. So, this morning’s action should either trend up immediately and relentlessly, or else trend down exclusively.

None of which speaks to degree — don’t be too quick to fade early trending, not without a target being met and technicals not confirming.

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

The overnight rally extended to attack 2012.00, now dipping to its prior high testing 2008.00. That’s a lot of buying pressure since yesterday’s 1991.00 cash session close, and it’s still only testing yesterday morning’s opening highs. Meanwhile, single-minded relentless overnight trending is vulnerable to reversing at the open, so we should know shortly whether today is or isn’t one of those days.

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