Pre-market Tour

Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
The second act to Tuesday’s 39-point plunge was Wednesday’s 13-point drop into and out of the open. But they didn’t prevent testing the morning’s 2794.50 bias-up signal in time to invoke the grace period. It  didn’t trigger, but that didn’t rallying anyway. And rallying, through the morning and afternoon. Tuesday’s 2800.75 open was retested and Tuesday’s high was pierced by 1 point up to 2809.50. Reacting down into the close was the first pullback since the open, and it still fulfilled the only other unfinished business above of a new trend extreme close. Passively bearish WedEX triggered, and the morning’s no-bias trending left unfinished business below at 2772.50.

Overnight action’s new info…
Choppy ranging has neither resumed yesterday’s rally, nor rejected it. Wednesday’s late reaction down was retraced to test and retest what is this morning’s 2807.50 bias-up signal. Fresh lows tested and retested 2800.00, but now 2807.50 is being tested again.

If, then…
Was yesterday’s rally all noise? It was an “inside day” that covered no new ground. Except for its brief, highest point, the entire session unfolded within Tuesday’s range. Attractions above were neutralized without putting into play higher objectives. Only the new trend high close is suspicious since it was under prior intraday highs, but that can be completed by probing fresh highs today — regardless of being maintained through the close. One of the three econ reports scheduled at 8:30 could trigger a surge that gaps up, which would alter yesterday’s WedEX signal. Without already extending yesterday’s late reaction down, fresh highs are likely, and they’re increasingly vulnerable to reacting down even more deeply.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2808.50 would be likely to trigger the 2707.50 bias-up signal at 10:15. Exiting the open under 2803.50 would be unlikely to trigger bias-up.

Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
The holiday weekend’s 15-17 point  rally to 2803.50 had cooled off enough to attract aggressive retail sponsorship through Tuesday’s 2801.00 open. Surging to 2808.50 satisfied that. It also stretched the rubber band to snap back down into the morning’s bias environment. Being a doubly-renewed bias-up didn’t prevent trending down to test the morning’s 2792.25 bias-up signal as support. The downtrending persisted through the afternoon which plunged further down to 2769.50 —  down 39 points from high to low. Probing under Friday’s 2785.00 “lower prior highs” was maintained through the close to gain traction.

Overnight action’s new info…
Yesterday afternoon had ended ranging between 2777.75 and 2783.75. Flat-to-higher ranging overnight chipped away at 2783.75, surging somewhat into Europe’s opens, Extending to 2793.00 is now touching yesterday afternoon’s bias environment high.

If, then…
“Unfinished business above” at Monday’s 2801.00 open should be retested before any durable decline. A new trend high close is still outstanding. The overnight rally indicates a gap up which is this morning’s only opportunity to rally, but the gap must be maintained through the open. Reversing the gap up could still extend down to retest oversold RSIs at Tuesday’s 2769.25 low, with potential to lower prior highs at  2760.00 and 2750.00. This being expiration week, WedEX will trigger at the close and be predictive of bias into and out of the weekend. Or, will it? Among the signal’s bells & whistles, the most relevant is a test of a prior high or low — which is not at all assured today.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2789.00 would be likely to trigger the 2787.50 bias-up signal at 10:15. Exiting the open above 2797.00 would be likely also to exceed the 2794.50 bias-up target at 10:15 to renew the bias-up signal.

Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Thursday night’s narrow ranging around the 2768.50 cash session close had finally broken out rally nearly 7 points, attacking 2777.00. It was retraced entirely before the open, touching the  2766.00 overnight low. But no lower, which the 3-day holiday weekend began squeezing to attack 2786.00 at the morning’s high. Ranging through the afternoon gradually extended to a new trend extreme close on a Friday at 2786.50, and futures continued firming up to 2790.00.

Overnight action’s new info…
Sunday night’s open spiked up another 5 points to 2795.00. It was never touched again while ranging narrowly down to 2791.00 into the holiday session’s early close. The narrow range initially persisted last night until midnight’s fresh highs which have extended to 2803.50. Now reacting down more than 4 points is only attacking this morning’s 2798.25 bias-up target as support. Regardless, this is a “new Globex trend extreme” that requires intraday retest.

If, then…
In addition to requiring an eventual intraday retest of last night’s high, Friday’s new trend extreme close requires at least another eventual higher trend extreme close. Gapping up above all prior highs would also require eventually retesting the opening print from below. These setups have no timing element, so an immediate reversal down would have no requirement to recover soon. Reversing down post-open would have early support at “lower prior highs” from Sunday night’s ranging, and then potentially back into Friday’s range. Already breaking under Monday night’s 2791.00 low through the open would not ensure holding a test of Friday’s lower prior highs.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 2801.25 would be likely also to exceed the 2798.25 bias-up target at 10:15 to renew the bias-up signal, next targeting 2804.50. Exiting the open above 2796.75 would be likely at least to trigger bias-up at 10:15.
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Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Immediately rejecting Wednesday’s inability to recover positive territory was the only path higher Thursday. Gapping up above the morning’s 2752.00 bias-up signal did that. Its likely reward was to probe Tuesday’s 2760.00 high. The 2757.50 bias-up target was probed but not exceeded for long enough to renew the bias-up signal. So the noon hour finally resumed the rally and fulfilled the afternoon’s 2765.25 bias-up target. The cash session closed equated to 2768.50 and futures extended another 6 ticks higher through the close.

Overnight action’s new info…
Globex initially dipped to form a narrowing range around yesterday’s 2768.50 cash session close through midnight. Then firming to fresh highs suddenly surged at Europe’s opens to new highs at 2776.00. The surge was brief, but has been maintained as price ranges around 2776.00.

If, then…
The overnight high’s surge happens to be ranging around this morning’s bias-up target. Gapping up yesterday was the only path higher out of Wednesday’s quicksand, but gapping up today isn’t necessary to extend the rally. None of which makes gapping up bearish, or prevents a reaction down from recovering. But since Friday Factors play uniquely on gaps because of the impending weekend illiquidity. The opening 15 minutes disposition of the gap is often very predictive to the balance of the session. So, regardless of the three-day holiday weekend’s bullish influence, exiting the open back under a relevant support could target another test of Friday’s close. Similarly, because of the three-day holiday weekend’s bullish influence, a firmer open could gravitate higher into the afternoon.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2771.75 would be likely to trigger the 2770.00 bias-up signal at 10:15. Exiting the open under 2768.00 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning and welcome it’s Friday time for Friday’s Morning Market to or we’ve got another rally overnight why not interesting set up here there’s maybe one minute to discuss it because it comes down to this up or down we had to go up or down likely that the market just fluctuates sideways nearly even chop Ali around the open Notice what happened I just want to point out the this as a template from Tuesday this is a new high Gap up to a new high on Tuesday fluctuated largely positivewhere liquidity declines Etc Trend turns are less likely things can get heated to the upside more so very quickly so if they Mark it’s going to reverse down today it’s going to need to do so pretty quickly through the open if it extends hired it’s just going to create more room to absorb being productivepretty resistant Euro up sharply Euro has no unfinished business above and it’s gapping up sharply I know unfinished business above but it confirmed breakout below this is not often that this happens it’s not usual but it’s not abnormal there’s a confirm breakout Mondays break confirmed Tuesday under a multi-session range the target of this rally was already met and this is coming back to New Year’s coming out of the New Year’s weekend retested and that overnight surging through all those prior highs to new highs this is a running correction and what do we know about writing correctionCrackdown I think it was on six Banks now at this very recent search he is coming close to the flavor Tracy mat it’s been a lot longer than it normally is

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Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE
First, watch the pre-open Tour recording HERE <<==
Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close…
Tuesday night’s drop had been retraced somewhat ahead of Wednesday’s open. A blip-up to 2746.75 quickly collapsed to probe the overnight low by 3 ticks down to 2736.50. All of which was recovered as the morning’s bias environment was entered. Firming steadily into the afternoon’s bias environment probed the gap back up to Tuesday’s 2750.75 close where Nafta withdrawal headlines triggered another dip to 2744.00. An eventual bounce retraced 61.8% of the dip into the cash session close, still in negative territory.

Overnight action’s new info…
Initial narrow ranging under Wednesday’s late high was suddenly interrupted by a 5-point surge to 2754.50. A 7-point dip retraced it, and then some to test 2748.00. But that was recovered as quickly back up to 2754.50 by midnight, where price has hovered into and out of Europe’s opens. Only now is the narrow range breaking, with a probe to fresh highs at 2756.50.

If, then…
Yesterday’s intraday rally had stopped short of recovering positive territory. Twice. And the afternoon dip had exited the bias environment lower, without recovering, either. Extending yesterday’s rally without delay all but requires gapping up above relevant levels from Tuesday afternoon, which is currently indicated. Only now is overnight action repeating the aggression it had showed much earlier. That’s late enough to still be considered restrained optimism, and not so late to be considered weak-handed. Regardless, it must be maintained through the open to influence intraday action targeting a retets of Tuesday’s highs up to 2765.25, as its rejection would still target 2730.75.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2753.50 would be likely to trigger the 2752.00 bias-up signal at 10:15. Exiting the open under 2748.00 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning welcome it is Thursday but time for Thursday’s Morning Market to her and I’m not really able to classify this as a rally overnight and that may be the most bullish thing about it because otherwise having extended hire its optimism is restrained no it’s just back out for a moment from this very recent surge this surge that is matching the earlier search Globex initially narrow flat and then surged and suddenly stopped on a similarity they are but which is considerably back to all the way back up to hovering here and then also optimistically for not extending higher above Wednesday’s recovery itselfWednesdaystrong headed Breakout not too close to the or not too early to consider the overnight is having already expended all buying pressure just right up to a point still needs to be maintained for the open to extend iron today 12/8various pattern you can really see an inverted Head and Shoulders on a pull back will try and go for me here not bearish in the sense of distributive but didn’t really get a lot of momentum going so looking for at least a fresh High not necessarily anything more much more than that quite the opposite is the pound dipping more deeply I don’t have a cell signal at work on the pound this is pretty much just noise coming back down to lower eyes having left unfinished business the spike was or at least being absorbed and here is the low is being tested Euro as its

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