Pre-market Tour

Rallying overnight back to yesterday afternoon’s 1993.00 highs had briefly probed them up to 1994.00. That has reacted back down to 1987.50, diminishing the threat of gapping up high enough to trigger a session-long rally. That’s not the only bullish setup. There’s still a bias-up signal at 1986.00, which may not be as forceful and productive, but its direction would still contradict the topping template’s timing.

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

The overnight drop to 1980.75 had bounced back already up to 1994.00. Ranging there back down to 1988.00 is persisting pre-open. The bounce could extend post-open, too — even probing fresh highs up to 2009.00. But not bouncing anymore at all, and just resuming the overnight slide, would be credible if maintained through the bias environment exit.

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

RSIs diverging positively at the 1985.50 low produced a bounce up to 1989.50. That was reversed down to momentarily probe a fresh low at 1984.50, popping up again back above the 1986.00 bias-down target.

A post-open fresh low can’t be discounted from even the most bullish scenario. Regardless, extending down through the opening 15 minutes or beginning to recover should be predictive of the balance of the morning.

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

Already attacking fresh highs up to 1996.00 ahead of the Employment Situation report then surged on the news. This morning’s 2001.00 bias-up target was probed by 5 ticks before reacting down sharply. And then reacting down considerably. Yesterday’s 1991.00 close was probed by 3 points down to 1988.00.

Now this morning’s 1993.75 bias-up signal is being tested again pre-open. Its resistance could launch a fresh low down to 1986.00 where not recovering would mean trending straight down through the noon hour.

Otherwise, the 1993.75 bias-up signal could be probed, or even triggered, but still not assure trending up any more than is necessary to correct or retest the pre-open highs.

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

The last reaction down from testing 1986.00 is indicating an open 2-3 points under yesterday’s cash and futures sessions closes. Not much of a differential, but not very indicative of the choppy overnight range. There’s no shortage of opinion, but it is very divergent.

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