Pre-market Tour

The recovery’s 1928.50 high is being retested ahead of the open, after an interim dip to 1914.00. Still a little short of levels that would gain traction, so resuming the decline remains possible.

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

1951.00 is the most relevant of all resistance levels this morning. Recovering it through the open, or not, could be the difference between rallying or resuming the decline.

That’s where the pre-open Employment Situation report was greeted, after recovering from an interim dip to 1938.00. Its knee-jerk reaction probed momentarily above last night’s 1960.00 highs.

That reaction also dipped back under 1951.00, although not back to 1938.00. Not yet.

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

The bounce from the 1931.00 overnight lows is now 5 hours old, and testing 1949.00. The attraction above up to 1954.00-1956.50 remains intact so long as 1943.50 now holds tests as support through the open. Much lower for much longer would start to signal the overnight decline has resumed already.

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

Lower lows to 1972.25 overlapped the 1973.75 potential. Its brief retest to 1971.25 was quickly recovered up to 1978.50. These are the open’s relevant price points…

Testing only 1973.75 before recovering above 1978.50 could be rewarded by extending higher another 20 points to 1998.00. Bouncing from a test of 1972.25 would be likely to fail, and simply extending under 1971.25 would target 1965.25… if not also much, much lower.

Be careful. Be cautious. Be skeptical. And be prepared.

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

[If you experienced audio and/or video difficulties during the pre-market Tou, then you’ll likely encounter the same difficulties intraday. Please describe the issue to me, and feel free to use the backup.]

Retracing yesterday’s late surge back to its 1994.75 buy signal did not equate to reversing it. Potential for filling the gap back to yesterday’s 2005.00 and 2009.00 closes is already being tested by another surge pre-open.

This recovery makes the post-open action less predictable, at least until the opening 15 minutes are halfway lapsed.

Details and other markets coverage are discussed in the pre-market Tour recording here:
http://www.anymeeting.com/nrodpywxnayx/E952DF8283463E