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…
Thursday’s open was greeted by overnight action having trended down relentlessly. The open didn’t reject it, so sellers were not marginalized. But buyers didn’t suffer the consequences before rallying yet again to touch the week’s 2553.25 high. Reacting to a headline, the afternoon bias environment’s exit collapsed to probe the open’s 2547.25 low by 1 point. The low was recovered into the close, and the morning’s 2557.00 bias objective became “unfinished business above.”

Overnight action’s new info…
Initial weakness retested Thursday morning’s low down to 2547.00 but quickly recovered to resume the late bounce. Another downswing was recovered to test this morning’s 2551.50 bias-up signal, where a brief consolidation is now resolving up aggressively to touch 2553.25.

If, then…
Another week ending in proximity to the rally’s high, having no excuse not to close at a new trend extreme. Which would entrench the rally for being produced on a Friday. No excuse, except for the ongoing distribution in this area, made obvious by three of this week’s opens either collapsing or gapping down. Probing a new high would have no assurance of maintaining or extending, especially if done early and also fulfilling the 2557.00 unfinished business above. The fear of heights isn’t necessarily bearish without actually closing under a relevant support, which has been lacking, and keeps alive the potential for resuming the rally.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2553.25 would be likely to trigger the 2551.50 bias-up signal at 10:15. Exiting the open under 2449.00 would be unlikely to trigger bias-up.

Phonetic dictation…
well that’s inconvenient I just so you know I’m about halfway through the went out halfway through but just started doing the recording for about 5 minutes and the platform stopped indicated there was disconnecting and not able to get the recording so let’s try this again rather than asking you to possibly not be able to retrieve the recording to Quick comments what is and this is totally unrelated but I’ve switched back to the original microphone facility let me know how that is or if it’s not as good as what you’ve been experiencing this week otherwise and I’ll go back but I do want to get closure on that before making that commitment and then secondly tomorrow is Saturday review we didn’t have one last weekend we do have one this weekend and next not the last week of October so there’s two Saturdays in a row not the last weekend of October but if you have any stocks or anytime please go ahead and request instant analysis snap analysis when it’s convenient to you and that’s helpful let’s look at the market again it’s Friday and where in proximity to the highs as in above prior Lowe’s in this whole series we’ve had two attempts to opportunity opportunity to actually break there was Monday but we knew that it was going to hold from whatever level because it was being attempted from a position of strength having held 43 last Friday in reaction to the employment situation report and then yesterday open that doesn’t know there’s nothing that looks like the Gap at Wednesday then at that point the opens low became relevant and the opportunity to form a pattern from being distributed distribution on Wednesday distribution that’s going to be a temporaryit was just slow playing stronger buyers don’t have had a virus coming back in we should know today because being in proximity to the highs should produce a new I close new trend I close there really is only one other piece of Unfinished Business above it’s not structural like a new trend I close on a Friday would be its calculable it’s a 2557 bicep Target that was created yesterday or by a signal that was put into play Haven’t turned positive even approached it but the pattern or the signal was productive through the morning and not rejected so it became unfinished business above so if the 57 or in the morning this morning and we exit the back under eyes so basically something like this whether or not we get to 2557 include 2557 either one would be would qualify back under prioritize the later it is the more demanding so if it’s exiting the noon hour not until I get back under 25 50 by the same token if the environment is exited back under 53 then it would be helpful for the noon hour also broken back under 25 50 that we can pound reversal but this pattern entirely possible what we haven’t had in this series of rejection of the 2550 2553 or distribution in the open this could get free I don’t know if that translates to Europe off the table still waitingcontinuingreally never got but one intraday trading session so I’m assuming that this is just a corrective balance for that reason but there’s otherwise no targets below that require being that and then the Aussie back up to 7840 which we knew that this this session would have to be retested because it’s inappropriate to have left that outstanding is that going to be able to form a durable bottom probably not because that’s a corrective because that’s a confirmed break out of sorts it’s not optimal because it’s actually not because of the Gap up but I can’t give you the benefit of the doubt that it’s recovering gold which stretched to the max by probing a fresh High probing the prior High and testing testing this Pryor High testing Tuesdays I needed to hold Tuesdays I went out the day testing at overlapping it in order to maintain the near-term potential for corrective dip still waiting for that to play out silver as well just extended has overnight tried but it has been outperforming gold long blonde correct and the passage of time passage of time correction that has been relatively brief but as long as of the sum of the corrections could be in that instance to the FED interest rates it is a reaction it has recovered completely and then Wednesday and Wednesday so that was from a position of strength that would be recovered and we’re recovering today to go back to and through Wednesday closed presumably extending higher Monday’s close so we can give it apull back limit alright any questions let me know just update real quickly look where we’re back at the highs David e325 no really I mean this is just a total reward to yesterday’s low lately though having held at retest of the mornings low to indicate that sellers didn’t start or weren’t gaining traction for their effort and meet while having expended all this energy overnight or even pre open just to get back to the upper end that robs the market the buyers of the opportunity to gain traction to gain loyalty to gain Defenders or sponsorship in other words that I want to pick up on pull back to defend against a reaction down that doesn’t mean we’re not going again just don’t see how we get out of here without probing especially now that there’s been this kind of overnight reaction there’s no reason no reason for that we’d already been there done that and reacted down so 2557 at least some decisive ProBook fresh eyes and if it’s done early which seems to be the case I can’t take that for granted because seem to be the case yesterday as well if it’s done early enough this is earlier if its sponsorship and then exit the environment or the noon hour back under those 2053 2550 levels and this could be a pretty again Harry day on the side and we get a new trend I close on a Friday and trenching the rally see you at the 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…
Wednesday’s open was preceded by an overnight dip had tested 2545.00 and retested it by 5 ticks, warning that sellers weren’t gaining traction for their efforts. In fact, the open had recovered up to 2548.00 from having dipped overnight. Firming a little further consolidated around 2551.00 ahead of the afternoon’s FOMC Minutes. A brief swing from 2552.00 to 2449.00 and back up again continued improving to close back at Tuesday’s 2553.25 high.

Overnight action’s new info…
Not surprisingly, this area has proved once again its propensity for distribution. Price has only trended down since surging into yesterday’s close. Firming 2 points from 2549.50 ahead of Europe’s opens was apparently disappointed and resumed trending down to fresh lows. Now  yesterday’s 2548.00 open is being probed by a point.

If, then…
There was no “unfinished business above” after Tuesday’s session, and none after Wednesday’s session. Today’s open is indicated to gap down, which would create new unfinished business above, had yesterday’s new high close been above all prior intraday highs. But it wasn’t. Rather, it was AT Tuesday’s 2553.25 high, so the gap won’t require being filled. None of which requires extending down, which continues to depend upon breaking under a relevant low. Relentless one-way trending overnight is often vulnerable to losing its sponsorship at the open, so not extending down at the open could quickly become bullish. And if sellers can’t exploit the overnight trending, then a fresh high targeting 2557.00 becomes likely.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2547.75 would be likely to trigger the 2549.00 bias-down signal. Exiting the open above 2551.50 would be unlikely 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…
Tuesday’s gap up failed like Monday’s did, which also collapsed. But Tuesday’s gap up neutralized “unfinished business above” at 2552.00 which Monday’s gap up had stopped 2 points short of touching. No other objective above remains outstanding, but the morning’s collapse to 2543.00 never extended. Indeed, it held a noon hour retest instead of breaking lower.

Overnight action’s new info…
The interim high between Tuesday’s two tests of 2543.00 was 2547.00. Tuesday afternoon had fluctuated narrowly and choppily around 2547.00. Globex initially probed a little higher, attacking 2550.00. But it reversed through Europe’s opens down to 2545.00. Now a bounce is testing 2547.00 as resistance.

If, then…
No unfinished business above is not necessarily a top, not until exploited by breaking a relevant support below. And the longer that sellers don’t exploit the stagnation, the less likely that they will. Retesting Tuesday’s opening highs is still possible in either a bullish or bearish scenario, but less and less likely if today’s open is already in decline. Not yet breaking lower before this afternoon’s FOMC Minutes would make fresh highs likely.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2543.00 would be likely to trigger the 2543.00 bias-down signal at 10:15. Exiting the open above 2547.75 would  be unlikely 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…
Monday’s open had been greeted by a rally retracing Friday’s drop. Extending higher post-open to fulfill “unfinished business above” at 2552.00 would have been likely to reverse down. But post-open action only filled the gap back to Thursday’s 2550.00 close before collapsing to 2544.00. The afternoon bias environment also collapsed, sliding to 2539.25. A late 3-point bounce firmed further through the cash session close up to 2544.00. Oversold RSIs were left outstanding at the low, albeit only an errant tick. The ongoing Up/Down-crash setup was invalidated by a second consecutive negative close.

Overnight action’s new info…
A little spike up to 2546.50 with Asia’s opens was retraced entirely back down to 2544.00. The correction was recovered entirely into Europe’s opens, adding an additional 3 ticks up to 2547.25. That was also retraced entirely back down to 2543.75, and yet another recovery is now testing fresh highs at 2548.00.

If, then…
Monday’s 2539.25 low requires a retest, and gapping up can avoid it. Gapping up at least above Monday afternoon’s 2546.00 high, and preferably above 2547.75. Both are being tested now. An overnight dip to 2536.00 (+/- 5 ticks) could have neutralized the attraction below and then recovered pre-open. That’s still possible intraday if the gap up doesn’t hold. But extending higher would have no excuse not to fulfill the 2552.00 unfinished business above.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45

Phonetic dictation…
1010 it is October 10 it is Tuesday morning at 7 to Tuesday Morning Market tour I just a quick refresh of what is outstanding what the influences are outstanding now from yesterday’s low is 7 guys one minute and 3 minute RSI simultaneously ever sold it yesterday yesterday’s 25 3925 low it was actually wasn’t so much as it was credible support because of so much targeted sport down there the pattern could have extended down but it made sense for that to be a low and it was we tested it was actually 25 3953 975 that made sense to be a couple patterns in there that satisfied their sewing pressure and it was retested but not that errant tick and one minute positively on the retest for the Target so the rally from their recovering from their perfectly credible now the question is whether that doesn’t change that we do have unfinished business below with the retest of yesterday’s below but we can get out of its orbit by opening back Above This range here’s this range from yesterday midday that launched this break lower remember we were just never looking for this pattern to recover or nears Buy Signal was substantially higher really the nearest bicycle would have been tested right here right now finally when the midday range was developing and went the other way but had the recovery yesterday afternoon at the lower end of that range but above it or if we just above it and we can get out of the orbit of yesterday afternoon and what is that that would be Thursday before reversing down little less likely to happen so if we get anywhere near yesterday probably going to plow through it but that doesn’t completely closed Dutchess if the Gap up that’s being attempted doesn’t catch doesn’t catch and extend that’s where we test yesterday’s low comes in and by the way not just his stays low very likely at that point down to 36 25 36 + 1 – probably – but twenty-five 36 + 1 – .5 – 6 still there from a position of strength in that there’s that I’m finished business above it was at first attempt on Friday and that yesterday’s attempt at least went out actually the cash Station close is 2540 – 25 still testing 43 so probably recovers but if that is if we get a down leg in here just looking for a substantial today even in the worst-case scenario at least temporarilyray gun in the Aussie looking for an eventual lower close at meanwhile and now we can start tracking meanwhile if there is a balance 78 is a likely bounce limit the pound left a gap outstanding below but that is a confirmed breakout itself require an eventual requiring an eventual there they were closed it’s bouncing bouncing that just to 1:32 but could be on its way to testing is filling another Gap above which in fact overnight is denoted by the dashed line there’s definitely potential there’s a little fresh air but that’s what we would get to bouncing there’s no requirement Euro probably more matter of when not if 11760 finally breaks it is just being fought with optimism optimism 118 what 1850 is right in this range the likelihood then being dipping back down or at least if not the likelihood to another dip under 11760 dipping into negative territory Thursday all the way to 17 resistance probing into an overnight pattern but there is in the unfinished business last night and now it is to 1294 element but there is room for 1330 no one and there’s really just a range in here very sloppy long blonde failed Friday and we retraced entirely too much optimism to quickly would have the same effect in Reverse as did too much pessimism to quickly Friday morning will that window is now past that risk is now past little dip down here to 15121 5118 would be beneficial would be from a position of strength of having slow played the recovery of having avoided resuming the decline so very similar to the same principle that we were applying Friday morning from a position of strength Pro blower the attracted backup position of strength today Pro blower not as low attracted back up if not on the next that pavlovian response turns into actually crude oil testing testing it overnight and finally Natural Gas doesn’t have we had not a multi multi session range leading into Friday’s break lower and Fridays break which is on Monday which allows for the opportunity to that didn’t happen so that’s not a bottom not yet and yet there’s potential for accumulation but it is close and we can give it to the upside 304 .

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’s reaction down to the pre-open Employment Situation report had plenty of room to expend selling pressure without it damaging the chart pattern, thanks to Thursday morning’s substantial rally. The degree of selling pressure was non-arbitrary, testing the 2543.00 pullback limit down to 2541.50. And the duration of selling pressure was relevant, having been expended through the noon hour. Ultimately, the pullback limit held and the afternoon bounced back up to the morning’s 2547.50 high as was expected, albeit stopping pessimistically short of filling the gap back up to Thursday’s 2550.00 close.

Overnight action’s new info…
Sunday night’s choppy start soon resumed Friday afternoon’s recovery up to 2549.50. Flat-to-lower ranging through Europe’s opens has returned back to the overnight high, and now resumed the rally. The gap back up to last Thursday’s close is being pierced by 1 tick.

If, then…
A lot of selling pressure was expended Friday morning, both in duration and in degree, without reversing the trend down. Still testing 2543.00 into the noon hour does keep alive some vulnerability to probing lower, which we’ll anticipate if the overnight bounce is rejected back into negative territory. Its origin would be from a position of strength, having failed to exploit the opportunity for trending down Friday, and now being a low-volume session due to the Columbus Day holiday. Meanwhile, the gap back up to Thursday’s close has yet to be filled, which would be done on the way to “unfinished business above” at 2552.00. Closing higher would qualify as day-9 of a a potential Up/Down-crash setup, as quarterly earnings start.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2552.00 would be likely to trigger the 2549.00 bias-up signal at 10:15. Exiting the open under 2545.75 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning good morning and welcome it is Monday it’s time for Monday’s Morning Market or it’s a little Pastime little maybe 15-20 minutes late here this morning but we’ll see you shouldn’t be allowed to cover it shouldn’t be a lot going on today you would think today is Columbus Day a Government Bond markets are closed postal delivery in the United States is closed banks are closed typically a slow all day one of the falls slow holiday along with the Jewish holidays in this particular instance the market is at highs here’s MDX eking out a new I on Friday all three back in sync eking out a new high into last week actually having difficulty not showing a safety or rotation out of the speculative that is represented by the nq’s as far as money goes yes also last week holding on to them at least right now then stopping a little bit more confirming the indicated and we have earnings coming into new eyes with volume on Friday the reaction to the employment without even beginning to threaten reversing the trend down took advantage of it took a lot of advantage of it keep the door open for available to the market from a bullish perspective on Friday because it would have been too deep coming from 2550 but now having held 2543 a deeper pull back would be if it held 2535 would be still potentially potentially because it’s delayed it’s from a position of strength so it’s not going to get confirmation Thursday Thursday 2549 to avoid triggering to put into play and off sitting test of the 41 by down signal we’ll take it from there later in the morning or through the open if that seems to be the case is the holiday so trending will be difficult other markets starting with currencies and I continued identify this upside caught limitation but inflection point that would reverse momentum up in the Aussie just to point out there’s that much room for a bounce without it yet getting traction will see if it’s taken advantage of it all it was an attempt to take advantage of it on Wednesday that was reversed down and we now have two consecutive lower closes so that’s a confirmed break out from a multi-session range which means an eventual lower close is required before if that doesn’t mean I can’t be a first lower clothes out of the way before we can give better benefit of the doubt to more substantial recovery otherwise right now I would sell strength but we’re going to blow through it basically because had been developing in gaps down only no intraday sewing so that optimism and pessimism prospective potentially so there’s 132 gapping down to it finally getting some down and then Friday again despite breaking lower maintaining to break again bounce back to 132 probing it a little but being that is resistance we also have them through Wednesday closed Thursday break being a break from it Friday being a confirmation of it of the break out so there is in the pound and eventual lower clothes required here’s a better picture and you can see we’re looking for 12091 2898 a minimum Looney there’s that much room for bounce basically 8030 without it because I don’t see that happening anytime soon 1760 being in the rain and then Friday not enough to call it a pivot reversal key reversal still needs follow through this morning maybe a little aggressive to quickly right up to resistance 1288 2788 close up of 1287 1288 and I will give this every benefit of the doubt that momentum is reversed up or at least pull backs will hold fullbacks 12:30 9:50 12:50 with a hold from a close-up of 1287 88th and meanwhile that is resistance be careful if considering a really wanting to get long which I’m not opposed to because this is a longer-term bottom seems to be forming and gold just keep in mind that what we’re not looking for a retest in Friday’s low gapping up this morning is a little too aggressive to quickly it’s the same thing with silver which had unfinished business outstanding outstanding and did close after having filled at Target or have completed the target benefit of the doubt but it still looks like about him is trying to form Long Pond to react negatively to payrolls to extend down to or hold down to 5108 so pretty thoroughly tested not so while we do have this likelihood of extending higher bottoming I would like to see a little deeper than just a little consolidation I would like to see a little more backing and filling as opposed to very quickly reversing up having said that while backing and filling 5119 e 118 would be helpful if this gets carried away without leaving a gap outstanding doesn’t look like we’re going to be wrapping up here and 20 5314 to be recovered so start closing and really have to give because of the close on Wednesday so Friday was not a break will have to look for a but basically it’s certainly the end of a range of the range of noise under that last week’s ranging and by the way to reverse three return to its Target filling the Gap back to 289 did not hold it made a new low close it’s not a pattern that bottoms on Monday when this pattern develops through Friday so we’ll have to take a look at it at the close alright any questions go ahead and post them in the chart room where I will see you at the open good luck today .