Pre-market Tour

The last overnight surge testing 2059.50 had been retraced to its 2051.50 origin. Bouncing to 2055.00 — which is this morning’s bias-up target — has reacted down even lower to 2050.00.

The bullish scenario requires recovering at least the lower-end of 2057.00-2059.50 with little or no delay. So, the bullish scenario is likely to surge out of the open, if not already surging into it. Any less aggressive firming would be suspicious.

The bearish scenario should reverse back under 2048.00, but not necessarily immediately. The range in between is not predictive.

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

The overnight drop probed 1 point under what would be the 2041.75 renewed bias-down target. A reaction up came within 1 tick of the 2046.75 bias-down target, and now 2041.75 is being retested as support.

That reaction down has formed a Falling Wedge, and its low is stopping optimistically short of touching the actual low.

Breaking lower from this pattern is likely to be aggressive, targeting the upper-end of the 2035.00-2035.00 objective. Recovering 2044.75 first — which is being tested now — would make the next downleg likely to originate from 2048.00.

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

Bouncing from the 2057.25 low hasn’t extended above its initial 2062.00 reaction. But that hasn’t been rejected. Instead, an Ascending Triangle has formed. Isolating the overnight probe under yesterday’s 2059.50 post-open low is critical to preventing the overnight slide from resuming post-open, and threatening the 2056.00 area’s last line of support.

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

The 2065.25 bias-up signal’s was pierced by 3 ticks before its first reaction down. RSIs diverged negatively on its retest. And now its second reaction down has recovered to fresh highs at 2066.50.

But it’s all moot without also making an impression on the opening 15 minutes of volatility. And that means extending higher with limited delay — perhaps touching 2064.50 before shooting higher, or simply rushing through 2067.00 toward the 2073.00 bias-up target.

More than just a blip-down under 2063.75 would become much less likely to trigger bias-up. An offsetting test of the 2054.50 bias-down signal would be the recovery’s last line of defense.

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

A pre-open break from the overnight range is probing yesterday’s 2065.50 lows down to 2063.50. The key to recovering this morning is for the open to experience as much pain as possible without extending too deeply to avoid triggering no-bias. The key to extending down is not to absorb the open’s dip.

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