Pre-market Tour

That overnight rally to the 2095.25 proxy? Good times. Good times. Anyway, it crashed down to 2072.00 in a tragicomical battle between headlines. And now another bounce is testing 2087.00.

Regardless of the overnight gyrations, the window remains open to resuming the rally today. Rallying this morning should be underway soon after the open, if it will be underway this morning at all. Otherwise, back under 2084.50 and 2080.50 becomes more difficult to recover.

Details and other markets coverage are discussed in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/kfyspbm

The pre-open dip probed a fresh low down to 2097.50. That didn’t extend, and the open is being greeted nearly unchanged. Not gapping up, and not immediately trending up to compensate for not gapping up, would all but confirm this morning’s downward influence.

Details and other markets coverage are discussed in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/yptvpwz

The overnight rally to 2092.75 had been retraced to 2083.50, a constructive 61.8%. Surging from there to 2090.00 confirmed a relevant level had been met, if not also that a relevant leg had been added to the structure. Now the open is being greeted by another dip, this one testing 2086.00-2088.00 as support. Holding its test through the open would make the overnight rally likely to resume this morning. Not holding 2086.00-2088.00 would make a deeper correction likely, instead.

Details and other markets coverage are discussed in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/fbkmrch

The overnight recovery extended a little higher to 2095.00. That’s now reacting down to 2092.00. Just printing above 2094.00 would make the overnight rally likely to extend higher intraday. But I would still be on guard for another detour down — because 2094.00 is also the bias-up signal, and holding its test without triggering it would put into play an offsetting test of the 2084.50 bias-down signal.

Details and other markets coverage are discussed in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/pcrtctb

The open is being greeted at the lower-end of the 2088.00-2091.00 range where price has been consolidating. The resolution to testing the 2090.00 bias-up signal will tell us much about the session, if it’s even touched post-open. Until then, I’m not interested in shorting above 2088.00, and would otherwise consider shorting if bias-down were triggered… Don’t forget that today’s session closes early at 1:00 ET, and there is no Saturday Review this weekend.

Details and other markets coverage are discussed in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/jrczhwb