Pre-market Tour

Pre-open ranging is persisting between 2047.50-2052.00. Essentially resisted by the 2051.75 bias-down signal, and supported by optimism that is preventing a retest of yesterday afternoon’s 2046.00 low. Recall that this was only “obligatory support,” deeming any bounce off of it as only temporary — whether by 2 ticks, 2 points or 2 hours. Actually testing it should visit the 2044.50 “unfinished business below,” if not also 2039.00. Somehow not triggering bias-down would put into play fresh highs, and probably at an aggressive pace.

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

One last gasp touched this morning’s 2044.50 bias-up signal as resistance before reacting down to fresh overnight lows under 2041.00. Still trading 3 ticks above yesterday’s 2037.50 cash session close, any credible bearish scenario should extend through the open deeper into negative territory. Not yet extending down by 9:45 would call into question further weakness for this morning, which would consequently call into question the bearish scenarios.

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

Ranging between 2039.25-2044.50 is persisting into the open. Relentless overnight trending that gap open to a prior extreme or support can reverse direction post-open. But that setup tends to develop quickly, if at all, and could first visit a fresh post-open low down to 2032.50. Otherwise, there is no shortage of lower attractions for intraday sponsorship to pick up the gauntlet from overnight sellers.

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

A retest of the 2071.50 overnight high was interrupted by a dip to this morning’s 2068.25 bias-up signal. The second test’s reaction is probing lower to test 2066.00. There is room below for another 3-4 ticks before starting to suggest the pre-open highs won’t be retested intraday. Retesting the pre-open highs intraday won’t be immune to reversing down much more substantially.

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

Knee-jerk reaction to the pre-open Employment Situation report blipped-up a couple of points to 2046.25. Ranging there for several minutes ultimately resolved down 2039.25, and its reaction has resolved down to 2036.50.

Avoiding 2032.00 could depend upon opening above 2039.25, and trending up through the morning could depend upon exiting the open above 2044.50. Otherwise, 2032.00 could be the last line of defense against trending down relentlessly into the afternoon.

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