Pre-market Tour
Pre-market Tour (recording & summary)
The overnight plunge to 1928.25 was corrected back up to 1937.50. But it was too early to attract strong-handed buyers, so another downleg tested 1926.00.
1928.25 was recovered, suggesting that could have been last-minute capitulation. If that’s the cut from the same cloth as yesterday afternoon’s retrained optimism, then post-open action should barely hesitate before rallying. Potential attractions above are 1938.00 and 1945.00.
Not extending higher immediately would be vulnerable to resuming the decline. Remember, the next lower attraction is 1918.00. Details and other markets coverage was discussed in the pre-market Tour recorded here:
https://roddavid10.mitel-nhwc.com/join/pcrhvpz
Pre-market Tour (recording & summary)
Surging 5 points to 1964.25 just after publishing The First Trade blog post has reacted down 6 points to 1956.25 pre-open. That helps to restrain optimism. But only to a point, because much deeper could simply resume the decline post-open.
1956.25 is reasonable for a pre-open pullback low. But there is room down to 1953.25 before signaling a new downleg underway. Back above 1960.50 and 1962.25 should signal the recovery has resumed, presumably to fulfill the bullish WedEX by rallying aggressively.
Details and other markets coverage is in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/jrcwbhh
Pre-market Tour… Running out of legs?
The earlier bounce from 1954.50 peaked at 1961.25 instead of recovering it. It was pretty early anyway for counter-trend sponsorship to gain traction. And now the decline has resumed pre-open to attack 1944.00.
There’s a big line in the sand at 1945.00, needing to hold as support through 9:45 as long as it’s being tested, or else all could be lost. Surely a portion of this pre-open selling wave is exacerbated by sellers suddenly concerned by two days of illiquidity. But that doesn’t mean more can’t follow.
Having tested 1945.00, exiting the open above 1952.75 would be a big step to signaling that sellers are trapped, and that buyers are retaking control. Details and other markets coverage are in the pre-market Tour, recorded here:
https://roddavid10.mitel-nhwc.com/join/xmmvfwp
Post-open Review… Tipping point.
Bouncing back up to 1987.00 still resolved down to fresh lows at 1980.25. Regardless of reacting up a little pre-open, that doesn’t change the potential for rallying post-open. Quickly recovering 1985.00 would still make the bias-up signal likelier to be tested, if not also triggered. Otherwise, not quickly rallying, or still hovering at or around pre-open lows, would be more vulnerable to an actual morning pullback. Details and other markets coverage are discussed in the pre-market Tour recording here:
https://roddavid10.mitel-nhwc.com/join/wzjsxfk
Pre-market Tour… Trying to rock the boar.
Overnight ranging persists into the open. No unfinished business below or other lower attraction is in-play to prevent a rally beginning quickly to reward yesterday’s buyers for having gained traction. So, delaying an obvious rally would start making the morning increasingly vulnerable to backing-and filling, and likely to delay the rally until this afternoon. Details and other markets coverage were discussed during the pre-market Tour recorded here:
https://roddavid10.mitel-nhwc.com/join/htprpcs