Pre-market Tour

Fulfilling the traction gained by yesterday afternoon’s rally all but requires compartmentalizing the overnight probe under yesterday’s 2076.25 and 2077.50 lows. Failing wouldn’t be for lack of trying, since the recovery from 2070.25 is now testing 2079.00. Near-term upside is likely to test 2086.25-2087.00, where the market can make a bigger bullish decision. But probing back under yesterday’s lows would be as bearish as its recovery is delayed.

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

Stoic calm, or flat-lining? Regardless of which, the narrow overnight ranging is persisting into the open. A post-open dip has room down to the 2076.00 area without launching a new downtrend, and not a lot of time to recover. Upside potential should be limited to testing or probing yesterday’s highs, but probably not trending ahead of this afternoon’s FOMC statement.

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

The overnight surge attacking the 2091.75 bias-up target had reacted down to 2085.00. Bounces from there have been shallower and shallower, indicating an open AT the 2096.00 bias-up signal. Gapping up is only half the battle to resuming yesterday afternoon’s rally. The gap up must also be maintained, and preferably extended. The alternative could be to probe yesterday’s lows this morning, and lower.

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

The recovery back up to 2086.00 had formed a Symmetrical Triangle. The pattern often breaks falsely in one direction before reversing more substantially in the opposite direction. But its initial breakout has only extended. And its initial breakout was down.

Now 2077.50 is being tested, whose break through 9:45 would suggest the 2080.25 bias-down signal will trigger at 10:15. Retesting Friday’s 2075.00 low could easily lead to 2067.00-2069.00.

Exiting the open back above 2081.75 could at least marginalize sellers, even if its upside this morning were limited to only a test of 2086.00.

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

The recovery back up to 2087.50 was reversed again. Probing under yesterday afternoon’s lows found support at this morning’s 2081.75 bias-down signal — twice. The interim bounce peaked at 2085.00, so its post-open recovery could begin a bigger recovery. Otherwise, triggering bias-down has only obligatory support from overnight lows to try slowing a deeper drop.

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