Pre-market Tour

The 2087.50 overnight high has not extended, but neither has it been rejected. The open is being greeted by strong overnight buying pressures.

That could be a problem for the rally, since relentless, single-minded overnight trending often reverses post-open. A last-minute dip to 2083.00 might allow at least a snap back up to 2088.00. But that’s not required before a bearish WedEX influence emerges.

Not already reversing down through the opening 15 minutes of volatility often extends the overnight trending intraday. But ranging narrowly is not likely.

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

Bouncing to 2058.00 — one point short of this morning’s 2059.00 bias-down signal — has resolved back down to the earlier 2051.50 low. Renewing the bias-down signal is increasingly likely, by not holding the 2053.00 bias-down target through 10:15. And for all intents and purposes, although interim support might try to interfere along the way down, the long-standing 2043.00 target could be tested this morning. Long-entry would be considered only if renewing the bias-down signal becomes unlikely.

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

The reaction down from retesting yesterday morning’s 2072.75 high is extending to 2067.50 pre-open. That’s under the 2069.75 bias-up signal,  but not yet deeply enough to inhibit triggering it an hour from now. Its greater challenge is to generate sponsorship with this afternoon’s FOMC events looming. Not triggering it would make yesterday’s lows likely to be attacked or probed.

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

Bouncing to 2067.25 has reacted back down, testing the 2062.50 bias-down target ahead of the open. Retesting the 2068.25 overnight low isn’t required intraday, but it would be likely if the open isn’t quickly isolating the overnight probe into negative territory.

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

Overnight ranging in negative territory is persisting into the open. The 2082.00 bias-down signal’s resistance is still holding tests, so at least a brief fresh low remains likely, regardless of its resolution.

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