Pre-market Tour

The overnight test of this morning’s 2046.50 bias-up signal has reacted back down to 2036.00.  Gapping up above 2040.00 is not being threatened. Immediately trending up through yesterday’s late 2042.75 high could still suggest that buyers were retaking control. Otherwise, an eventual retest of yesterday’s 2027.00 area lows remains likely.

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SPECIAL NOTE: I’m away from the screens today between 1:30-3:15 ET… back for the final hour.

The pre-open bounce back up to 2062.00 resistance was retraced back down toward the 2052.25 overnight low. And then lower, now probing yesterday morning’s lows down to 2049.75.

The attraction to 2048.00 doesn’t require being touched since it’s not yet been put into play. Meanwhile, an opening rally template remains intact which is vulnerable to surging out of a gap down. Although 2048.00 would be cleaner, bouncing from a very early retest of the 2049.75 pre-open low could trend straight up into the bias timing window.

Otherwise, bias-down would get every benefit of the doubt if triggered. And 2048.00 would become more vulnerable to breaking sharply lower.

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You know the overnight pullback that had extended back to yesterday’s 2065.00 lows? The one that had extended pre-open down to 2062.00, next targeting 2060.00? Right, that one. Well, now the open is being greeted at 2055.50.

If 2060.00 and preferably 2065.00 are recovered through the opening 15 minutes, then today could be an upside blowout to the upside. If that template doesn’t catch quickly, then the next lower objective is to test 2048.00.

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Ever since closing Friday without retracing its noon hour rally leg, this morning’s likeliest scenario has been to correct it. Gapping up today would have suggested otherwise, but overnight strength only probed Friday’s 2093.00 high up to 2095.50. And now that has been retraced back down to 2083.50.

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Payrolls triggered a surge back to the 2062.75 overnight highs. It reacted back down to 2056.50, which was the target of yesterday’s late buy signal. The pre-market Tour began there, but our discussion of how to trade it was soon rendered moot as the reaction down extended to test 2047.00.

Okay, Plan B…

Exiting the opening 15 minutes above 2056.50 would be likely to trigger the 2053.50 bias-up signal at 10:15. Meanwhile, consider 2047.75 a preliminary indication for the opening 15 minutes of volatility. More so, its recovery after testing this morning’s 2044.75 bias-down signal would trigger a buy signal. I’

ll try to identify a sell signal higher than 2047.75 if the 2053.50 bias-up signal holds a test, first.

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