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…
Wednesday night’s rally greeted Thursday’s open above Wednesday’s 2571.50 high at 2574.00. Maintaining the gap through the open triggered a passively bullish WedEX by proxy, which will be influential this afternoon and Monday morning, but not this morning. But WedEX was the least of it. The open immediately resumed rallying and extended sharply higher through the afternoon’s bias environment. Gaps were filled, including the structure containing the gap back to last Wednesday’s 2591.50-2593.00 close. But not the gap itself, and not the afternoon’s 2590.50 bias-up target. After retracing 87% of the drop from last Tuesday’s 2594.50 overnight high to Wednesday morning’s 2555.50 low, the balance of yesterday afternoon dipped back down to 2584.00.

Overnight action’s new info…
Slightly lower and lower lows extended gradually overnight to test this morning’s 2580.25 bias-down signal by 3 ticks. The latest dip has been retraced to test yesterday’s late low as resistance up to 2584.50. That’s only 1 point under yesterday’s close.

If, then…
REMINDER: I’M AWAY FROM THE SCREENS AFTER THE OPEN UNTIL NOON. Dipping into yesterday’s close relieved some of the rally’s overbought situation, and overnight action more so. Absent a suitable catalyst among pre-open headlines, the bias-down’s support will likely avoid triggering. That wouldn’t ensure a morning rally, but the afternoon’s bullish WedEX influence would be likely at least to attack yesterday’s highs. Rallying aggressively this morning could affect the afternoon’s WedEX by already probing new highs before entering the afternoon’s bias environment. The highs are a dangerous area to try defending when weekend illiquidity starts bearing down, which could invert WedEX’s influence to bearish. WedEX could also invert if a morning drop were exited under relevant support. Ultimately, the afternoon’s direction may be a determined by what “unfinished business” remains outstanding when the noon hour ends.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2582.00 would be unlikely to trigger the 2580.25 bias-down signal at 10:15. Exiting the open under 2585.50 would be unlikely to trigger the 2588.00 bias-up signal.

Phonetic dictation…
good morning and welcome it’s Friday it’s time for Friday’s Morning Market or a couple quick programming notes Here 3 actually what is as you can see we have a new term assignment these happen very regularly and sometimes by Mike using More Often by adobe’s choosing just be sure you’re getting the link the current link to the chart room from the blood and if you can’t find it there right away it’s actually at the link but if you can’t find it there right away of course you’re welcome to email me programming number to reminder add this morning I’m going to be here at through the open through the open as in through 10 and then I’m away until noon and then back for the rest of the day unrelated we’re not doing Saturday review tomorrow cancelling Saturday review tomorrow as well as of course as usual during the holiday weekend next weekend so if you have stuff that you want to review please be sure to bring them up this afternoon with the market being as wild and volatile as it’s been pretty much been doing a bigger picture review every day so I’m sure that will just add a couple things today did today’s market wrap and that’ll suffice alright what’s going on so yesterday gapped up gapped up above Wednesday’s range Wednesday’s rains at once again held while chipping away at 2563 75 Snapback up considerably we weren’t prepared for that reversal and any reversal here as potential back up to the highs if not higher it happens and it did happen so quickly that is so quickly as Corrections do if they’re not coming from basing which this is not basing their retracing and retracements of the prevailing trend of what turns out to be the prevailing Trend by it resuming retracement Corrections are steeper and more productive more alluring that’s their job is to attract counter-trend trap it refuel the prevailing trend Wednesday Wednesday mornings Tuesday night’s new Globex Trend extreme overnight I at least if it doesn’t require being retested we can we at least use it as a basis for identifying the overall trend Wednesday’s 5550 low 87% of a 68% correction to 2589 so it’s imperative for the rally for the recovery at least Wednesday if not maybe even 2:50 which was standing I should say that can be testedbut that’s going to be otherwise if not at least because of the correction or at least taking what was over and correct correct correctsome of the overbought and then overnight that has extended it did extend at least briefly that six points out behind the yesterday’s closed another four points overnight to 7950 actually testing a T25 which is this morning’s bias down signal tacked it to Atlanta Tech pierced it by 3 tix 8025 seems to be influential I think we’ve got the right by us down signal for these two pieces of evidence we don’t usually get we don’t always get evidence ahead of time this is always helpful we also might start doing that as having tested 8025 open and holds Hill put in to play an offsetting test of the biceps tendon which is 88 would you get and gets us in proximity to be testing that I guess Target afternoon a lot can happen in the afternoon just so you know it’s not an assurance that the bullish Red X is going to influence price necessarily it did trigger late it’s also not an insurance that because it’s a bullet X that the afternoon will behave bullishly it is possible that this morning rather than just probing yesterday’s hydrotesting because it won’t require but if this morning anyway and rally and neutralizes 50 not just the Gap back-to-back the last Wednesday’s close 93 area but also the afternoon or in the morning and afternoon to inverting the bullish Red X to bearish so don’t be assured of the specific afternoon influence of the X that’ll be heavily dependent in the morning and afternoon extending it a little bit more well if that puts into play for 75 if the afternoon is 475 dangerous really risky for trending down to the afternoon wouldn’t put anything past the pattern this particular or today’s expiration it’s also dangerous dangerous into a Wednesday afternoon Friday afternoon weekend Wednesday equally difficult to defend against against all the wayalleviate the oversold getting over black condition from your staff and type it looking at other markets to the Yen did something very nice yesterday wow basically fluctuating unchanged Wednesday’s Gap up above all prioritize needed at some point to be were tested from above also Wednesdays breakout itself it’s breakout session needed to be confirmed with the higher close and yes they said she did not confirm with a higher close second consecutive are close but what it did do after after having dip to touch lower prioritize yesterday’s high did neutralize the attraction above the Gap back to Wednesday’s open by breaking back under Wednesdays Lowe’s but undermined the breakout the momentum and it really requires and mediately resuming the rally if the rally is valid the rally is trying to resume immediately so far it is Rally back up to or Wednesday been recovered hovering there that’s not enough proof yet still need to close actually close above yesterday’s highs above 88-85 8880 and by the way any negative Claus is going to be very excited actually got the inflection point is which is a fresh low in this particular pattern but just closing negative after trying after being in position to be to reject the otherwise bearish development yesterday then failing to exploit the opportunity to reject that this morning has been speaking this morning before closing low enough to resume the decline you can basically the arguing the resolution to that argument should be pretty productive in whichever direction the sellers higher and higher while trying to confirm that this is just been a pattern neutralizing downside attractions and doing what the last rally tried prematurely to do probing hire overnight probing hire overnight getting slammed here right back down to yesterday’s highs so that’s really what we want from a bicycle we wanted to be productive we wanted to get back up to the trend in this case so you can see it keeps coming into resistance or coming into resistance has then met pessimistically overnight gold silver will it get up enough to actually buy nearby 1711long blonde has had a couple of days opportunity since Wednesday is open to break through 15402 and has notand isn’t indicating any in any inclination to do so this morning the longest bull that killed 153 momentum hasn’t reversed down crude oil just cannot break under 5535 pullback limits cell signal needed to close under it and instead continually overlapped it for multiple sessions which is usually a good tell that that is that that’s holding that’s been our posture last several days overnight but we don’t know until there’s a recovery actually about 56 confirmed above 5665 overnight 56 is tested and now being probed there’s no Assurance of actually recovering it but in the context of having had ample opportunity to break on 255 35 and also having an attraction back to the hives that intraday research however and founded it may have been it wasn’t rejected immediately so it’s retest is likely and then Natural Gas has formed a falling wedge felling wedges are generally by mainstream anticipated to resolve favorably Rising wages unfavorably breaking likely or vulnerable at least to resolving down just as much so as to resolving up and aggressively so it is interesting that overnight there is strength in here but the indication of valid strength is to get back out above that connector most recent touch that is of downtrending resistance and down turning resistance what was used to create the down training resistance after the anchor connector was that last relative I at 3:10 311 we already know there’s resistance to 312 without getting out of 310 311 312 any kind of attempt to break out to the upside is not going to prevent extending down and again any questions good luck today

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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…
There already has been no bullish reason to revisit 2563.75, but there’s no particular timing to its eventual break. Wednesday illustrated two or three more instances of that dichotomy. An overnight dip to 2562.00 greeted the open higher to isolate its test. A post-open plunge to 2555.50 was recovered to at least overlap 2563.75 at 10:15 and 10:30, avoiding a clean break. Rallying through the morning’s bias environment touched its 2571.50 bias-down signal as resistance. Nevertheless, the balance of the session trended back down choppily to retest 2562.00, and the close again at least overlapped 2563.75. WedEX wasn’t triggered, but could signal by proxy if Thursday’s open were to gap beyond either end of Wednesday’s range.

Overnight action’s new info…
Is the decline taking a detour back to the top? A brief blip-down attacked 2562.00 before reversing back up to Wednesday’s 2571.50 high. And higher. Europe’s opens were greeted by a pullback from testing 2574.00. The 4-point dip recovered to attack 2576.00, but it’s now pulling back 3 points to test 2572.50 as support.

If, then…
An eventual downleg under 2563.75 is already likely for having revisited it from fresh highs and then testing and retesting it. Isolating its tests within a timing window (or at least not decisively broken through a timing window’s exit) has avoided triggering the downleg — a break that must still be maintained through a close. Meanwhile, continually bouncing off of 2563.75 may have formed an obligatory bounce. Albeit a brief bounce, but potentially attacking or probing last week’s highs, before the bounce’s weak origin causes the effort’s failure. That leg would likely start from gapping up above prior session highs and trending higher through 2574.00-2577.00 to trigger a short-squeeze. Last night’s rally is position for that setup. Caveat: NOT exploiting the bullish setup would be as bearish as it could have been bullish. And gapping up probably forecloses on the alternative bottoming pattern, of a higher low at 2560.00, because that would necessitate rejecting the overnight rally. So, maintaining the gap up through the open would be bullish for the day, and NOT maintaining it could be bearish into and out of the weekend.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2577.00 would be likely to exceed the 2573.75 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2572.25 would be likely at least to trigger the 2568.50 bias-up signal at 10:15. Exiting the open under 2566.00 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning welcome it is Thursday where is this week on it’s Thursday it’s time for Thursdays Morning Market to her the week’s pretty much 2 weeks busiest economic calendar is today not only high-profile lot of high-profile stuff but simultaneous high-profile stuff in among those reliably influential stuff so like the Philly fed business Outlook survey it’s the only Regional fed survey that actually has a reliable track record of any track record for influencing price action used to have reliable track record for influence items some Post open stuff there’s some Post open items that if there has been a reaction to the pre open items is likely to be duplicated for whatever reason to the Post open at items so we’ll keep that in mind as those times come up Post openBloomberg consumer index Bloomberg is irrelevant 9:10 and then this afternoon what about the output T5 6375 even before this week told us Saturday that were in a reversal basically that 6375 is going to give away it’s going to give way to a deeper pull back when that’s all of these bounces just to be clear I even though the dips have trended down consecutively lower lows and lower eyes and that does not at all mean that that there can’t be a bounce above some of those prioritize before resolving down this can be a leg that is at least to some degree right now for example of 61.8% retracement would take us back up to 7985 actually 8025 is the calculation just for a simple 6118 there’s also room to fill the gap back to last Wednesday’s close extreme that’s not depicted on the chart that also would want to be would want to be retested if possible of a given got into the orbit if coming into its orbit so if something gets started sequence this week or over the past 5 days gapping down gapping down lower and lower yesterday didn’t do anything signalsor developments yesterday under God 6375and then mildly embarrassed by closing at 6375 not Axel a decisively recovering it but into the clothes the clothes is a timing window and so the test of 6375 was contained to the timing window just as all the other test of 6375 have been although yesterday morning 6375 not recovered through the time in Manila 1015 6375 was not decisively broken it was being overlap just like at the close so 6375 hasn’t broken tube in a position to break repeatedly in position we know that all these tests that are chipping away at its support it’s going to break but if sellers can’t get it done here they need to regroup but buyers have more rope to hang themselves which means of Bounce or they need to attract reinforcements while they’re not attracting reinforcements last night last night sellers rather than resume the afternoons pull back or the pull back actually from yesterday morning’s by its environment rally rally back up to what had been the bias down signal 7150 reacting back down into the clothes I can’t say that I actually tried to resume the decline at the Globex open but it fluctuated back down to the afternoons low and then it’s been pretty much a singular single-minded that is one way overnight rally and a rally to relevant level so above yesterday’s high by midnight or back to it by midnight what are the two levels for this morning rather than bounce is going to develop it can’t just develop from a shallow dip opening dip it can’t just develop from shallow opening strength really has to get out of not just yesterday but above prioritize prior session highs windows at least just to get to within the orbit of the attraction to the Gap back to Tuesday’s close. 78 7778 actually so 2574 is the first indication and then 77 clear 2574 2577 do they open and suddenly the rule of two gaps starts coming into play which is not a the most reliable indication or signal or setup but very often gaps will be filled in so if one is being filled or at least when it within its orbit and on track to be filled the prior Gap if there is one which is in that instance is likely to be filled as well or as they call them patterns a break in the pattern and some sort of what we would expect to be only temporary corrective bounce and a corrective Bounce by the way if you think that means we can’t get to a new I actually this can be the first leg down and still be corrected back through its origin so we can get an entire first leg down that recovers to a new high and yet that leg to the new high as a correction so that the second down they can begin interesting concept not mine Glenn Neely neowave but right now question the focus is on the open the focus is on whether 2574 or 2577 or both can be recovered through the open or even going to beback under 25 70 having probed above 74 haven’t tested and retested 74th Ed isn’t holding about 25 70 through the opening 15 minutes of volatility then not only will that attempt to Gap up and maintain we have failed and the maintaining maintenance of the Gap up clearly being rejected but even more so having bounced to the minimum 2574 having bounced into position to actually produce a bull adapter and then stopping short of actually producing the outcome is a setup that having had the opportunity to be bullish but rejected would be as bearish as it would have been bullish and well that was one bullish scenario to Gap up above prioritize gapping up above prioritize is a Bushnell at least near-term bullets corrective bounce polish there was another scenario scenario which would have instead dip initially 225 60 just enough not to be too shallow just enough to test a lower priority I overlap it and then hold and recover that was another potentially bullish scenario that would probably not an option anymore because the opportunity to Gap up would have to be rejected in order to get 25 60s test and there’s nothing bullish about rejecting the actual attempt to Gap up or the attack attempt to maintain and extend the Gabba alright so either this morning likely in the number 2 spot is rejecting the Gap up and just trending down and probably even though we don’t have any particular timing to the break the eventual break under 6375 breaking under 6375 but just getting too close to the weekend into next week for the support staff to continue holding and yesterday’s to test 6375 that weren’t decisively rejected just narrowly held that should be telling us the next test of 6375 doesn’t old I’ll see you there before the open that’s already underway but we do have remember a multi multi section range that broke lower and wasn’t confirmed for me another multi-session range immediately that broke lower and that’s one to three days we got 5 days of a four-day pattern order that sequence and when that next day today tries probing lower again tries to confirm it usually fails so that would be to not trap shorts we’ll look at that again later the pound bigger test held its pullback limit Friday and Monday on Tuesday and just needs to be confirmed and the euroGuyana in the Yen which is a breakout as well and a little late to the entirely reliable will give it every benefit of the doubt though until it’s until it’s proved otherwise by closing back under Tuesday’s clothes back under 8830 which is being tested your attacked at least overnight Gold Flat after 2 days huge volatility huge volatility and not just threw some otherwise you’re relevant ranges in the context of trending but actually 7750 1280 50 and ongoing relevant range being tested if that pulled back can’t recover doesn’t recover today it probably won’t 1695 mean while still holding his support to similarly or area being tested by these two days if that’s not in recovery mode today it probably won’t the correct of Bounce potential that have been probed in the morning and then didn’t maintain a rejection 5322 through the afternoon so we don’t really have a signal here this could break by the way if it’s going to break it really doesn’t do it yourself any favors recovery doesn’t do it needs to get away from this attraction below and it’s not back yet still that’s the challenge crude oil and having had a couple to do so and not doing so does start to be bullish so there’s really but a couple of sessions and with at least a second session of being able to close lower or being a position to close lower and not that gets even less likely to close lower 56 5665 couldn’t get anything more done and just a correction to the correction limit there shouldn’t be any further delay in the rally 309 wasn’t either and it was after testing and rejecting but at least Tuesday’s was held as support so it’s not being greeted today from a position of weakness good luck today

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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’s 2571.00-2576.00 opening range resolved down to test the 2566.75-2268.50 area that Monday’s drop had optimistically avoided. Perhaps to compensate for the delay, it was probed momentarily down to 2564.50. Recovering to overlap 2570.00 at 10:15 and 10:30 was too shallow to confirm that sellers were done. Rallying further to 2578.00 was too late to avoid triggering its bias-down. Dipping through the noon hour held 2570.00 as support, but recovered only to attack the morning’s 2578.00 highs. However slight, that pessimism was potentially bullish from a contrarian perspective, but not intraday.

Overnight action’s new info…
The Globex open only trended down, soon attacking 2566.75-2268.50 to within 1 tick. The range was pierced as support by a 4-point range up to 2572.50 through midnight. Then the reaction down resumed through Europe’s opens, and through yesterday’s low, touching 2562.00 before bouncing again. That bounce is ongoing, first consolidating just under the 2566.00 bias-down target, and now probing it to attack 2568.00.

If, then…
Yesterday’s test of 2566.75-2268.50 didn’t recover 2570.00 through its relevant timing window, and that has undermined buying ever since. The afternoon’s ineffectual pessimism now joins Monday afternoon’s mild upside traction, as yet to be fulfilled by even an obligatory probe of a higher high. Neither setup is influential enough to require fulfilling its contrarian signal. And in my work, multiple unfulfilled setups don’t join forces like super heroes or compound to reinforce their own contextual signals. Rather, NOT fulfilling multiple setups can resolve substantially in the opposite direction. Which is why the templates for this pattern don’t include ranging. Either last week’s highs will be attacked and perhaps retested before a bigger decline begins, or else overwhelming sponsorship for a bigger decline has already arrived. Now 2563.75 is being retested, for which there is no bullish reason. It’s overnight test can still be rejected by exiting the open above a relevant level. That had been 2570.00 for the 2566.75-2268.50 area, but the deeper test now requires recovering 2574.00. Greeting the open with one-way relentless overnight trending often finds its sponsorship has been expended, making a reversal easier. This setup is similar to the two I referenced above — and if the open doesn’t exploit it, then its resolution can be as bearish as it could have been bullish.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2563.75 would be unlikely to recover the 2566.00 bias-down target through 10:15, renewing the bias-down signal. Exiting the open above 2569.75 would be unlikely to exceed the 2566.00 bias-down target through 10:15. Exiting the open under 2568.50 would be likely at least to trigger the 2571.50 bias-down signal.

Phonetic dictation…
good morning welcome welcome back it is Wednesday it’s time for Wednesdays morning market tour this Market is not slowing down and it’s volatility even if it’s in a Range that’s fine because it is ranging widely ultimately even if it’s in a Range the range is either distributive as what is coming to look like a head and shoulders with more symmetry than there was on Thursday after Thursday’s low The Head and Shoulders looking like this no complex had we talked about that this weekend and this is really all we had as of Friday just not the Symmetry between the left and right shoulders but now after yesterday getting a little bit more in there and not today actually starting to chip away at support that’s not to say that it will ultimately become a head and shoulders the range Maybe still distributive and even in the context of being distributive doesn’t prevent there being a break higher to retest the high or fill this Gap in either case something Above Down training resistance of This indoor internal resistance of this sideways range before rejecting and reversing that we are still looking at this as distribution we are still looking for some sort of a fullback and we are still monitoring for the potential that there isn’t because we’re coming into the seasonally bullish holiday still one week out next Thursday Thanksgiving when us markets are closed for the day and the following day is a half day and so many people take it off which means they make it into a four-day weekend but being a family-oriented holiday often there’s traveling the day before so it becomes essentially a five day weekend as far as the markets concerned volume is at its lowest competing with July 4th holiday very low volume then so basically today’s Wednesday whatever is going to happen in the market that is reflective of opinion that is that is able to be done with the liquidity that strong hands big money needs to maneuveris going to be done by Tuesday afternoonwould have put in the base would have stretch that rubber band so far and indicated that it was snapping back already that last week’s highs would have been targeted didn’t get it done and so I ran into trouble in trying to get it done from a shaky base yesterday may be compensated for the delay a little by actually getting that 6675 650 area tested and probed and fat as far as recovery 2573 irrelevant window it was still being overlapped at relevant Windows the relevant windows and it needed to be recovering already to indicate that this rubber band had been stretched and was already snapping back to the degree with the velocity that would have put into play a retest of last week’s eyes and hear it again the problem and now the problem manifest buy once again retesting and 67-66 75 650 is irrelevant pretty much at this point it’s an interesting reference point but now that 6375 is being requested for which there is no bullets reason at all it can still be isolated to the overnight testing an intra-day is might be a little surprising if there’s any kind of bounce it all off of it if it is tested intraday but it can be isolated exit the open not just back about 2570 anymore 2570 a test of 6675 6850 would have recovered could have recovered through a relevant window to indicate momentum Staffing back up this is a much more elongated stretch and so it’s bounce its snap could be done at 2570 or 25 71 72 I haven’t tested 6375 in order to indicate that this stretch is done and I’d only snapping back up at snapping back up so substantially has to put into play last week size 2574 has to be recovered through a relevant timing window that stuff almost impossible maybe not for a market for which nothing seems impossible at times there are levels of recovery 2570 through the open and that will rob sellers of a lot of traction a lot of momentum and at least create the potential for another pattern to form that does get us back to some level remember yesterday was pessimistic and effectually pessimistic by stopping short of even probing the morning size the mornings High not even an obligatory Pro buyer before this that’s interesting it’s interesting to the overnight drop then does keep the door open to a recovery same thing Monday that’s not that’s not the strongest set up environment exit above the noon hour so I was by the sake of a handful of ticks extension that’s not the strongest confirmation the final hours entry would have been stronger but we do have these two contextual signals that suggest reaction down instead of extending hire a reaction down is just temporary we do have those two contextual signals and they haven’t been fulfilled that they don’t come just because they’re not being fulfilled rather win a set up that is otherwise bullish or bearish and bullish a setup that is otherwise bullish that has done everything I can to produce that only needs to be fulfilled and isn’t tends not to be fulfilled because of substantially overwhelmingcontrary force or counter-trend Force so we’re going to come otherwiseRock impound there potentially bullish context we can pound that some overwhelming contrarian or counter-trend force is arriving often when that happens it happens it has to happen surprisingly that’s why these setups even have time to form and often that happens because of a China input China is widely followed but still surprising and last night in fact that’s been the cause of last night’s drop pretty much first of all just noise but then bad dad coming from China we also have a potentially bullish setup in that overnight trending has been relentlessly one way Relentless One Way overnight trending often runs out of its sponsorship when we get to the open its sponsorship is more Global than domestic relative to the US and so it’s really looking typically for an exit to its position as opposed to defending against a counter trip or cat or a recovery in this case could become one more of those setups a third one of those if it’s not open 93079 38th Eastern if there’s not already evidence evidence that sellers aren’t maintaining control or I’m sorry that sellers aren’t losing control if there’s not already evidence of sellers losing control halfway through the opening 15 minutes of volatility then they’re not losing control and instead reinforcements have arrived and remember how there’s just no reason whatsoever to once again be revisiting 6375 that would be where that takes effect where 6375 Revisited and not somehow rejected then there’s really no clear rejection of that at this stage if it’s tested it today really big burden to reject that as well intraday to 6375 Touchton today pretty much says retest of the eyes Gap fill whatever above not influential the bigger decline that’s trying to get in there before the season we bullish Thanksgiving holiday effects is getting in then the question is where we going and we’ll talk about that if the brake is on 2553 is an attraction under 25 50 says 2543 the next attraction under 43 or under under 4150 the next attraction really finds an air pocket almost which we talked about I’ll talk about again if it becomes relevant good Thanksgiving literally the last minute was back here but at least through the closes and now trying overnight to get out to finally fulfill the bottoming getting a little aggressive the battery to leave unfinished business below with the Gap if it succeeds at extending higher but this is the pattern the Euro also overnight so this big distributive pattern is Big I’m going chipping away 1760unlikely to have been fulfilled by just this one leg lower and it’s cancerhaving an island nevertheless confirm by a second consecutive are closed today it’s Target would be one 1970 keep in mind what I’m describing an es the potential for reversing the overnight drop could just as well work its way and often does into these other markets that are otherwise trending overnight Looney not have been yesterday although very wide-ranging so clearly this pattern wants to resolve one way or the other and it has unfinished business above if not a break out there trying to confirm pound little bit higher yesterday so not really rejecting yesterday’s chipping away at the 130 190 inflection in The Odyssey which was testing the last couple days the inflection 7630 35 lower here overnight gold to fill this Gap outstanding Gap is not to within a certain degree or any degree of some reasons to be suspicious about the recovery but only Monday afternoon and so being tested here in that doesn’t have any excuse any excuse not to trigger that recovery silver as well came back up to 1705 it’s actual 1711 but it’s a longer way off from indicating which continue to Consolidated instead of extending Down Deeper Than Friday’s break under it any deeper than 150 to attack that had held previously he is recovering today closing is done what happens if we do area or just above the looks like an island it’s not an island because it’s in the context of it would not require so watch out for closing under 150 322 today having tested this rain today undermine the overnight bounce and all but ensure the next leg is down in a big way more thoroughly as of yesterday crude oil again to avoiddescription of what’s going on herepretty consequential open good luck today

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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…
Monday’s open was already recovering from a 10-point overnight drop that had attacked 2570.00. The drop was actually down 14 points from Sunday night’s initial rally attempt. All of which was eventually retraced, and then probed momentarily by 1 point up to 2585.50. The open’s rally had retraced most of the overnight drop before slowing its pace, probably because the initial drop stopped short of its potential to  2566.75-2568.50. Which is why we anticipated that the afternoon’s steeper slope would fail, and from where, to end the day probing back under the open’s 2582.25 highs. Overbought RSIs were left outstanding at the high.

Overnight action’s new info…
Reversing down from Monday’s late surge had dipped back under the open’s 2582.25 highs. The dip extended through the close, and through midnight, to eventually attack 2577.00 within 1 tick. Surging into and out of Europe’s opens touched 2582.52 before reversing back down to again attack 2577.00.

If, then…
Monday afternoon’s windows did gain enough traction to suggest that an overnight drop would recover. the question is from where. The overnight test of 2577.00 is already sufficient, assuming that this morning’s open is exited back above yesterday’s opening highs — but it has gotten a little late to still be testing overnight lows if a recovery is so close. Otherwise, holding a test of 2574.00 could be the last opportunity to avoid 2566.75-2568.50. And that could be the last opportunity to squeeze in a retest of last week’s highs before a deeper pullback into the weekend.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2583.00 would be unlikely to trigger the 2585.00 bias-up signal at 10:15. Exiting the open above 2580.25 would be unlikely to trigger the 2578.75 bias-down signal. Exiting the open under 2575.00 would be likely to trigger bias-down.

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…
Friday didn’t trend, but not for lack of trying. Its 2577.00 open was greeted by a relatively shallow recovery of a 14-point overnight drop. The overnight drop itself was a 61.8% retracement of Thursday afternoon’s 20-point recovery from Thursday morning’s 31-point loss. Thursday night’s slide could have resumed Thursday morning’s slide. Not rallying out of Friday’s open kept that door open. But choppiness around the 2577.00 open up to 2579.25 persisted through the afternoon bias environment. Only then did intraday action rally, and only temporarily before settling back down at 2579.25.

Overnight action’s new info…
Sunday night’s open gapped up and surged higher to 2584.50. Its reaction down was recovered, but only recovered before reacting down again. The second reaction down has become a reversal. Returning to Friday’s 2579.25 close did produce a 3 point bounce. But the reaction down has extended more than 1 point below Friday’s 2573.00 close.

If, then…
Gapping up this morning back above Thursday’s ~2584.00 highs was essentially one of the two paths back up to fresh highs. But Thursday’s highs held their tests. The other path higher is down, first, likely to 2566.75-2568.50. This circuitous route requires that at leas 2570.00 be recovered through any relevant window — such as the open, or the bias environment. Otherwise, the balance shifts even more to the downside, as the topping pattern starts rushing to begin its break lower.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2572.50 Would be likely to trigger the 2574.00 bias-down signal at 10:15. Exiting the open above 2579.25 would be unlikely to trigger bias-down.

Phonetic dictation…

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