Pre-market Tour

The knee-jerk reaction to the Philly Fed report surged a little to attack 2102.00. Its reaction down touched yesterday’s late 2095.75 low. There’s further room down to 2093.75 before becoming attracted to yesterday’s unfinished business at 2088.25. Meanwhile, reacting favorably to the post-open econ reports would help to probe yesterday’s highs, albeit only temporarily.

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

A lot of energy was expended in recovering the overnight dip high enough to indicate gapping up at the open. Yesterday morning’s high was only pierced, which exhibits a little pessimism, which is potentially bullish from a contrarian perspective. Stopping pessimistically short of touching the outstanding “new Globex trend extreme” helps to preserve buying pressure, too. But now it is incumbent upon post-open sponsorship to resume the rally and extend it to fresh highs. Otherwise, this being the upper-end of the range and upside momentum failing, the morning would be vulnerable to trending back down.

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

The reaction down from 2098.50 has dipped a little deeper to test 2094.00. the open’s action should dictate this morning’s direction, if not also its degree of aggression.

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

The reaction down from 2072.75 has dipped to 2065.50. A 4-point bounce  has been retraced entirely back down to 2065.50. Rallying should be obvious no later than the first 3-5 minutes or at least halfway through the opening 15 minutes of volatility. But not yet rallying by then, or actually trending down, could invalidate the bullish WedEX.

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