Pre-market Tour

Pre-open action has probed the earlier 2100.00 low by 3 ticks, still 6-8 ticks above yesterday’s 2098.00 unfinished business below. Neutralizing its attraction and holding its test through the open could produce one more corrective bounce back into yesterday’s range. Any lower through the open could instead extend down sharply as the reversal unfolds rapidly.

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

Wreversal Wednesday? Recovering from the overnight low’s touch of this morning’s 2106.50 bias-down signal has produced a test of this morning’s 2114.75 bias-up signal. It’s all still noise around yesterday’s close, a test of 2110.75. Probing even higher post-open remains possible, while still not being assured of triggering bias-up. And triggering bias-up would still be vulnerable to reacting down — especially since the prior session’s rally again failed to gain traction.

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

The opportunity to gap up above yesterday’s high appears to have been lost. The reaction down from 2116.00 has extended back under yesterday’s 2112.25 high to 2109.50.

Not gapping up above yesterday’s high would be unlikely to resume the rally this morning. Trying to resume the rally prematurely would be likely to react down more durably. Add in a test of the 2111.50 bias-up signal or even a test of the overnight 2116.25 new Globex trend extreme, and a collapse would not be far behind.

Counter-intuitively, the most bullish scenario would avoid touching the bias-up signal. This would at least avoid putting into play an offsetting test of the bias-down signal, so the morning could wait out the next window available for trending.

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

Europe’s opens had triggered a 7-1/2 point surge to attack this morning’s 2103.00 bias-up signal. Its reaction down to 2097.50 has recovered to higher highs at 2104.25. Trending up this morning is entirely credible, just needing to make it past the open without reversing back under support, at least triggering bias-up at 10:15. Anxiousness ahead of this afternoon’s Yellen appearances may try to paralyze the rally effort, which would allow one more detour down.

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