Pre-market Tour

The latest bounce off of 2033.00 support reached 2041.00. That has been retraced to test 2035.00, which now is barely even obligatory support. A dip to 2025.00-2027.00 is likely, with interim bounces still likely to fail.

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

The choppy overnight range finally began breaking lower. Trending down for 90 minutes from its last touch of 2045.00 has just attacked 2035.00 to within 1 tick. This area is natural support, and the greater it is defended by buyers, the less buying pressure will be available to avoid triggering 2039.50 at 10:15. The only other bullish path for the morning could be to bounce sharply from testing the bias-down signal.

At the end of this morning’s pre-market Tour recording, I include observations of how the market may develop around the post-open reports: EIA Crude Oil at 10:30, and FOMC Minutes at 2:00.

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

The overnight probe of yesterday’s 2068.50 high had reacted back down to the earlier 2060.00 low. Now that has extended lower to test 2057.00 as support. Recovering the 2059.25 bias-down signal through 10:15 would put into play an offsetting test of the 2067.50 bias-up signal — and reward the traction gained by the rally yesterday afternoon. Triggering bias-down would invert that traction, which is less likely,

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

Perhaps Sunday night’s spike down was in reaction to pro-Brexit weekend news. A quake in Tokyo hasn’t rattled the narrow range around unchanged. The quakes in AAPL (Buffet taking a $1b stake) and beaten-down Biotechs (PFE buying ANAC) haven’t had an effect, either. Or, their effects are tugging equally at each other to gain control.

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

Deja vu… The recovery from probing fresh lows overnight made it back up to 2059.50. That’s above the 2057.00 line in the sand for compartmentalizing the overnight probe of fresh lows. It’s also resistance, and it has pushed back to attack 2053.00.

Seems familiar. Yesterday’s overnight rally had deposited Thursday’s open at resistance whose recovery would have been bullish — only for post-open action to steal away the opportunity.

If there’s a bullish difference today, it’s that the push back has come pre-open, more pessimistic compared to yesterday. But that doesn’t lessen the requirement for a bullish scenario to quickly recover 2057.00, or at least to quickly reject a post-open dip.

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