Pre-market Tour

The 2072.75 overnight high’s reaction down reached 2065.50. Its pre-open recovery to 2070.50 is a Fibonacci 61.8% retracement of the reaction down. That’s the minimum threshold for a buy signal. Otherwise,  trending down through the open would become vulnerable to inverting the morning’s rally signal.

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The overnight pullback from 2050.50 is trying to recover off of 2044.00. Ranging around the 2048.00 bias-up target is greeting the open. Gapping up above yesterday’s ~2046.00 highs is possible. Despite not gaining yesterday, resuming the rally is possible. Extending up to 2052.00 is possible.

But nothing is required. Even gapping up and initially extending higher would remain vulnerable to reversing down — but much, much less so if bias-up is renewed above its 2048.00 bias-up target at 10:15.

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The overnight rally to 2027.00 reacted to the 8:30 econ reports by surging to 2033.25. That fully tests the 2032.00-2033.00 resistance that lies along the path to testing 2040.00.

A corrective dip could end as shallowly as 2026.00, or test 2024.00. I would consider selling a post-open test of 2032.00-2033.00 that is signaling failure, or else not without breaking under 2022.50. Dipping deeply enough pre-open could accelerate the rally’s resumption, but the only other credible rally would barely look back down while surging post-open.

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The overnight rally through Friday afternoon’s 2015.25 high had been rejected by a plunge attacking the 1990.25 bias-down target to within 1 point. Now that is reacting back up sharply to within 1-1/2 points of the 2009.50 bias-up signal.

Did the overnight drop accomplish what Friday’s post-close drop tried, which was to prove sponsorship for extending down didn’t exit? Or, is this pre-open bounce as premature as the overnight rally, and about to suffer the same consequence?

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Thanks to all for testing the OmniJoin meeting software. It seems to do everything we need. We’ll use it for tomorrow’s Saturday Review and next week, while still offering a back-up before migrating to it entirely.

First Trade’s blog post discussing a consolidation at 2024.00-2030.50. That formed a Descending Triangle, which broke lower on econ reports, dropping to 2020.75. A big bounce up to 2029.00 proved to be too much, too soon. It has resolved down even more substantially, now sliding sharply to 2012.00. Could that be too much, too soon, too?

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