Pre-market Tour

Buyers conditioned to be impatient did prevent a third consecutive overnight pullback. But the rally in its place has been a restrained optimism that is attacking yesterday’s high only hesitatingly. This suggests that a post-open rally would begin almost immediately, but an immediate post-open rally wouldn’t be any less vulnerable to reversing down later.

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The overnight pullback extended down to 2089.00. That’s a test of this morning’s 2089.50 bias-down signal, and a it held a retest after bouncing to 2091.00. That formed a Double Bottom, which has bounced to attack 2094.00.

So, back to rally mode, rewarding the traction gained by yesterday’s rally? Back under 2091.75 could get slippery, and extend down to 2088.00. Exiting the open below it could undermine yesterday’s upward traction.

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The overnight recovery’s consolidation was resisted by 2076.00. That’s Friday’s last relative low which had preceded its last-minute plunge. Now the consolidation has broken higher pre-open to attack this morning’s 2079.50 bias-up signal as resistance. Extending the recovery intraday can’t afford much delay or dip, not without simply repeating Friday’s last-minute plunge.

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2088.00 is met. Probing above it overnight to 2094.75 has reacted down to 2083.50. A pre-open bounce tested 2088.00 as resistance. Tested, and retested it, while both 1-minute and 3-minute RSIs diverged negatively. The reaction down is testing 2084.25.

Quickly recovering through 2088.00 post-open could neutralize sellers, if that recovery wasn’t itself quickly rejected, duplicating the overnight pattern. But extending this pre-open dip any lower first would have limited time to recover, or else the morning could trend down relentlessly.

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The overnight pullback continues to consolidate around this morning’s 2077.25 bias-down signal, where it appears the open is being greeted. Triggering it wouldn’t be surprising, as the pullback could extend down further and still barely threaten the rally’s momentum. Otherwise, holding its test would put into play a test of the bias-up signal.

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