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 had been on-track to be greeted by a narrow overnight 2492.00-2494.00 range. Then rumors of an impending N. Korea missile launch triggered a plunge to 2487.50. I’d already described a retest of Wednesday’s 2489.00 low as the only weakness worth buying, not even imagining a headline would trigger its test. A pre-open bounce back to 2492.00 almost prevented exploiting it, but the open dipped back down to 2489.00. The morning’s bias environment recovered to fresh highs at the morning’s 2496.00 bias-up signal. The balance of the session ranged flat-to-lower down to 2492.50, still inhibited by the pre-open rumor.

Overnight action’s new info…
The other shoe finally dropped when N. Korea launched another missile over Japan. Its reaction was slightly deeper, down to 2487.00. The balance of the night worked its way back up to within 3 ticks of yesterday’s 2494.50 cash session close. Currently a reaction down is testing 2490.50 as support.

If, then…
Recovering yesterday from the post-open 2489.00 test had left no bullish reason for its retest. Last night’s test doesn’t qualify. But that exemption is now unavailable to a pre-open test. Its retest would just as likely launch a corrective leg, potentially targeting 2477.00 (+/- 2 points). That might be difficult to fit in ahead of this afternoon’s passively bullish WedEX influence. Meanwhile, this being expiration, trending through the opening 15 minutes of volatility is often predictive of the session’s overall direction.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2490.00 would be unlikely to trigger the 2488.75 bias-down signal at 10:15. Exiting the open under 2495.25 would be unlikely to trigger the 2496.00 bias-up signal.

Phonetic dictation…
Uber home from where right good morning it’s Friday time for Friday’s Morning Market or its expiration we have a passively bullish wed x passably bullish wed x influence for Friday afternoon or Monday morning. For this morning doesn’t mean it’s irrelevant for this morning because what that passively bullish afternoon influence of hits in if it is possible to be anticipated does for the morning is limits the options are opportunities the actual templates that we can apply so that basically makes it difficult to put in a significant drop another words we’ve been talking about a pullback potential to 2779 there’s pretty much equal opportunity for each of those we’ve been talking about and it took last night at the open another the action of the rumor that had triggered the pre open plunge yesterday the actual flying to trigger drop yesterday and some classes 9450 this recovered within three tix at 9375 someone impressive but at the same time little Eerie that’s kind of lot of optimism really a lot of optimism there and ineffectual as well since it hasn’t recovered entirely just too with it three tix so I just to be on guard there’s really nothing about this pattern that says we can’t head lower especially if 2489 is touched or probe or broken through or at any other time then the opening 15 minutes of volatility and again that takes down too bad here if that could get done and have time to stabilize a head of the afternoon and the bullish wed x influence would be that much more credible it’s tough to see tough to see that happening at could certainly invert which is something we’ll talk about this morning if the potential is there remember there’s even potential like that what if we do get something going to the downside if not then 2477 area down to the 63 61-63 area so it’s not that there’s no downside and it’s not that the bullish FedEx Canton vert but difficult to get any higher if either of those were put into play meanwhile gone launched that headline seemingly not going to pop up in the next 24 48 72 hours that may clear the way for probing higher getting up to 2,500 and we really don’t have a good long after signal yesterday yes they are willing if we were willing to take her seriously yesterday’s pre-open Bank of England comments that a company that’s policy statement Trigger 2 Gap up that’s really tough to reverse you can see why they’re does extending even more sharply higher overnight and then the Aussie which get this done and he really has its trying it has no unfinished business below and now an opportunity to retest basically the 81 area gold didn’t get to 1318 which was basically targeting after a couple days of lower lows 13 1852 1320 did get to 1320 actually 1950 in the wake of all that news yesterday morning closing about 1334 5034 basically would be bullish does attempted after he has closed its attempt it overnight third time’s a charm there anyway 1334 it from covered says that the pool back is done silver has been trying to get out of 1790 was a little late it’s only one time one attempt and now it’s threatening to do with it had a lot of trouble doing on its own previously and that is actually test 1770 but we’ve got here is just basically 1788 1795 signal there is no unfinished business even though so at this point what at least trigger another dip back down to 295 tomorrow we have the Saturday review at 9:30 right now we’ve got a couple hours or an hour I’ll see you then good luck today .

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 greeted attacking Tuesday’s lows to within 1 point. Post-open action worked its way back up throughout the day, with a last-minute attack on Tuesday’s high to within 1 tick. That was against the background of two consecutive no-bias signals.

Overnight action’s new info…
Similar to Tuesday night, Wednesday night’s Globex session is contained entirely within Wednesday’s intraday range. But last night’s range reflects no sponsorship. It is contained within the upper 61.8% of yesterday’s range, and not threatening either end. Immediately extending Tuesday night’s dip at Wednesday’s open would have been credible for resuming its overnight effort. But this morning’s open is not being greeted by an overnight effort to extend, so any post-open trending is new sponsorship.

If, then…
Greeting Tuesday’s open at Tuesday’s low actually began by ending Tuesday at its high. A high that had fulfilling “unfinished business above.” Overnight sellers weren’t able to break the intraday range, and Wednesday’s sellers were non-existent. Developing this setup at a trend high doesn’t make it any abler to avoid a detour down, only likelier to recover from one. The timing formed a passively bullish WedEX for Friday afternoon. Meanwhile, Monday’s confirmed breakout has yet to be fulfilled by at least one more higher close, which Wednesday’s close within Tuesday’s confirmation range doesn’t fulfill.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2494.25 would be unlikely to trigger the 2496.00 bias-up signal at 10:15.

Phonetic dictation…
good morning and welcome it’s Thursday it’s time for Thursday’s morning market tour and not a lot going on let’s going on last night then was going on Wednesday night which amounted to nothing intraday not sure that that that we should look at this as or anticipate a dry cleaners morning because of that but here’s the issue is that hears Tuesday’s intraday range and actually went all the way up to satisfy its buying pressure 2494 9550 at the close and the overnight action was just a effort to break lower not really an effort so much as it didn’t Trend up it was attracted back down some optimism in here not necessarily at testing Tuesday afternoons low which was overlapped twice but the intraday low wasn’t even attacked and that’s before yesterday’s action trended backup intraday if that’s even trending its first of all not really an absolute range of any degree of consequence and secondly it’s an inside day contained within within Wednesday’s range more narrowly much more narrowly I’ll try within Tuesday’s range two consecutive no bias signals so no real trending actually just noise that gravitated back to the high so what do we have today we’ve got even narrower overnight trending which isn’t without its identifying characteristics for instance here’s yesterday’s range from low basically too high so overnight action has developed exclusively or been contained within yesterday’s upper 61.8% it’s not arbitrary probably but it’s also not sponsorship that’s the point is there is no sponsorship this is just corrective stuff correcting an inside day isn’t very predictive any more predictive than inside overnight can be so take that with a grain of salt but the point is there’s no new sponsorship here if sellers were to try to take control at the open they’d be an Uncharted Territory versus the most recent action they would be new sponsorship they would be new sponsorship if they try to take control of the open by breaking under the overnight low they run into difficulty and yesterday’s low and Tuesdays and be difficult to get under 88-89 if sellers even try if they haven’t yet made some significant move before the open so if there is a probably a by will look at the timing of course Tuesday qualify as that will filament of a confirmed breakout confer breakout meeting that at least an eventual third are close is coming can’t go out by the closing within the range but also not that it matters until tomorrow afternoon and Monday morning we’ve got passively bullet X but we are hovering at the highs because of the past we both will be by so today when we so suggest there’s one more day down or at least one more lower loan on a Cellular close but something that gets closer to 1 1845 gold traded lower yesterday then on Tuesday and that’s the overnight as well so fighting it even if this were a hundred percent of sure to fill in the Gap back to 1350 51 just the optimism that keeps delaying getting the slide out of the way does suggest that this is some kind of Heaven perhaps from a contrarian perspective little too optimistic so topping may be underway silver sort of as well and it keeps fighting 1770 just a natural pull back to 1770 let alone 1760 that wouldn’t make a close above 1790 bullish keeps fighting that a lot of optimism here on a pullback that’s not usually bullets doesn’t prevent recovering initially it just says here’s the context of that recovery Justin up leg with a distributor the bond extended it slide past its minimum objective to its potential and now lower yesterday lower than so need York reaction down a bit absorb closing slightly negative without even touching 302 would actually be bearish too much optimism and meanwhile as you can see from the character of the pattern knee jerk reaction down there’s an even required as we tracked this bigger Longer term bottoming alright so any questions please go ahead and post them in the chart room and I’ll see you there before they open did luck today.

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 night’s probe above its 2487.00 intraday high up to 2491.00 was relatively shallow. But it was complex enough to form a “new Globex trend extreme” requiring intraday retest. Combining that attraction above, with an optimistically shallow pre-open pullback and a gap up, triggered an opening surge. Extending straight up from 2489.00 to 2493.50 held up long enough to trigger Tuesday’s 2489.00 bias-up signal. The balance of the session didn’t actually trend, so much as traverse the open’s range once or twice. Its last bounce was a last-minute surge to fresh highs at 2494.75, neutralizing the morning’s 2495.50 bias-up target to within 3 ticks. The second consecutive higher close confirmed Monday’s breakout from a multi-session range, so that at least an eventual third higher close is now required.

Overnight action’s new info…
Tuesday’s last-minute surge extended post-close to touch the morning’s 2495.50 bias-up target. Since fulfilling that buying pressure, Globex has trended straight down to touch Tuesday’s 2489.00 bias-up signal soon after Europe’s opens. Yesterday’s range is still holding. But a 3-point bounce’s consolidation has yet to resolve up, and is hovering dangerously close to yesterday’s close.

If, then…
Neutralizing sponsorship like yesterday’s bias-up target doesn’t necessarily cause trending to reverse. Not if reinforcements arrive without further delay. Yesterday’s last-minute surge was too late for that, which puts that responsibility this morning’s open. Gapping up isn’t required, but potential to 2500.00 today probably relies on post-open action trending up to relevant levels. Any shallower or slower buying pressure Wednesday will be vulnerable to a pullback,potentially into a 4-point range centered around 2477.00.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2495.50 would be likely to trigger the 2494.75 bias-up signal at 10:15. Exiting the open under 2493.00 would be unlikely to trigger bias-up.

Phonetic dictation…
Alright good morning welcome it’s Wednesday it’s time for Wednesday’s Morning Market to her it is a expiration week so the clothes today we’re going to have Wednesday expiration indicator wed x indicator discussion we’re coming off of new eyes so there’s really only a very narrow range of options here For What can be signaled and it’s either going to be a reliable bullish signal or a less reliable bear of signal and we’ll discuss all that at the close as far as where we are just needed a couple hurricane weekend diplomatic and show nights of the history of there it’s exactly that though it is history they are not requirements anymore but if this morning is open now we’re hovering dangerously close to yesterday’s Lowe’s if this morning’s open isn’t trending up plug gapping up buyers did not gain traction for yesterday’s efforts if this morning’s open is trending down but if it’s just not trending up then that’s not going to help today produce that third higher close and it’s going to make today vulnerable to that pull back contextual e at temporary pull back would be our way to have high confidence of that but no way of knowing that it would be how temporary it would be your helper along so if we’re opening I mean here we are open down there’s some support in here just opening with in yesterday’s range isn’t going to give us much indication of anything especially in the mid-range which basically this 92 9150 area delineate opening in this range isn’t really predictive but this close to the open having created this much congestion for this long this much consolidation and then suddenly breaking out above it or backing off lower from it trying to open a way from it that might give us something to go on just as magnetic attraction during the opening 15 minutes about sylheti something to get some sort of us set up clicking in getting involved there’s no requirement to be suspicious of any town or without and somewhat of a inverted to little correction here giving some upward left so that really oughta be obvious that that gaps being filled and I guess we should say the Gap should be filled today if not early tomorrow if it’s going to be gold firmer back up to what what and probing actually but 13 3750 it wasn’t really decisively broken but broken Monday extended down Tuesday in fact Monday night was even deeper down to under 27 ugly 2727 70 2670 and Bart’s by gapping backup buy gapping back up yesterday above a relevant level closing above irrelevant level give that’s not exploited immediately then this is not a major bottom pattern or the bottoming that we’ve been looking at his failed so if and yes it by the way tested 302 irrelevant level and didn’t close above it so it’s doubly imperative that today close above yesterday’s high let’s just call it 3:05 or better lot of upside it’s being attempted lot of upside of that word of develop but lot of downside of not question to look at the end took a quick look and then we’ll turn this recording around that looks very distributive probe after probe trying to get to resume the rally extend the rally has continually failed back above the prior High it’s not to say that momentum is reversing down at this point but stuff to give buyers any credibility when every shot higher is getting shut down just one quick look here so there’s a line in the sand right now I mean it’s effectively these prioritize it’s kind of granular it looks like I’m here but.

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…
Sunday night’s gap up quickly met resistance from 2461.00 at the prior Friday’s range. It’s 2473.25 gap son became support while awaiting Monday’s open, which quickly surged through the prior Friday’s 2477.75 high. And higher to 2487.00 during the noon hour. It was the first stretch of intraday trending since last Tuesday afternoon’s bounce. The balance of the session ranged narrowly sideways down to a 2484.00 sell signal. The afternoon’s 2490.00 bias-up target was left outstanding.

Overnight action’s new info…
Globex opened up at Monday’s high, and eventually attacked 2489.00. Its reaction down to 2485.25 has been recovered to test fresh highs at yesterday’s 2490.00 “unfinished business above.” Despite being only a couple of points above yesterday’s high, there is enough complexity to qualify as a “new Globex trend extreme” requiring intraday retest.

If, then…
The July pivotal high and August’s actual high were met in the same session. The setup’s attraction above is neutralized. That’s not bearish, but it’s one less bullish element. The attraction was neutralized by a session that gapped up, which isn’t bearish near-term, but it does create an attraction below. The underlying problem is that this upleg originates from a distributive pattern, which clearly doesn’t prevent extending higher, but tends to limit it and to end it abruptly. This stage cannot very well tolerate backing-and-filling. Nevertheless, extending higher intraday without closing higher could be the first available signal that yesterday’s rally is already done.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2490.00 would be likely to trigger the 2489.00 bias-up signal at 10:15. Exiting the open under 2485.25 would be unlikely to trigger bias-up.

Phonetic dictation…
Alright good morning and welcome good morning and welcome it is Tuesday it’s time for Tuesday’s morning market tour we have the fall through to yesterday’s rally yesterday you’re having a couple of interesting interesting points to its Aura let’s get this one thing and then we go okay so interesting point number one to yesterday’s rally is that since last Tuesday last Tuesday afternoon last Tuesday afternoon being the reaction up from the post Labor Day reaction down reaction to the missile that was launched over the weekend that’s Tuesday afternoon was the only trending that the market had done for the week other than gapping up trending up that night gapping up Wednesday Wednesday Thursday and Friday at raining sideways and that’s a Distributive pattern by the way and it was very vulnerable to plunging at the at Friday’s open nearly avoided that so it’ll way literally as much selling pressure is could have been expended was expended without reversing down but this is not a stable pics doesn’t mean that I can’t producer rally has to be pretty aggressive if it’s going to there you go Gap up BSA was the first yesterday morning was the first round for stretch of trending since last Tuesday afternoon it was up trending in positive territory of resistance afternoon the same day again if we open under 85 not today but it’s an attraction it’s likely to be tested it’s going to be difficult in other words within this range to justify it short entering unless 89 isn’t recovered unless it doesn’t maintain its recovery through 10:15 in other words to there’s no bias butts in the playoffs setting test of the bias down signal unless some other set up or signal where to trigger the Bears release points down that’s my next that advances brexit so perhaps it’s a reaction to that presumably but it also as you can see comes into this and really tests it’s a fresh High versus the month old high six-week-old High fills this Gap says I have to say it’s barish but now there is some substantial resistance here with some unfinished business below that even in the most bullish scenario would be subjective backing and filling looting it’s tough to extend higher or Trend higher I should say when that serves at spiked up has it really been corrected it’s been corrected to a 38.2% retracement that’s it is it’s been great to do a 38.2 and 68 at the very least let alone lower hasn’t really been able to pick up stranded look up we could look for the rally to be resumed waiting to recover 4050 may only produce a retest of the highs but that’s really what would step in front of extending dad 1815 1320 where we could get our next look at the validity of our strength of the movie while 1790 barely recovered yesterday even more so than gold still being tested still testing at cell signal at the close but failing them the last breaking lower back to attacking is Lowe’s and this is after Friday failed to confirm Thursday’s break out from multi-session range which by the way he has clothes was still within so how look at this before it’s a problem for the uptrend basically 1765 1770 Optimum from the perspective of maintaining resuming the uptrend optimally 1770 would hold if not intraday at least through the clothes even that’s not optimal for maintaining the uptrend without a voiding a deeper dip because it’s a second consecutive lower clothes under the range so the likeliest scenario in an ongoing uptrend is tested whether it’s tied before recovering not just 295 but above 298 would reverse the trend up until then the likeliest scenario even though the brake hasn’t been confirmed wasn’t confirmed by the second consecutive session it was though here today session by step that tends to reflect weekend and buyers the likeliest scenario or at least an interesting risk-reward proposition is that 295 is being tested as resistance before resuming the declined and the 284 so if they basically everywhere 294 now basically calling a nickel risk if no one to take the stop especially on a close but intraday 298 is resistance so let’s just call it a nickel $0.07 whatever that is versus a dime $0.11 it’s still a slightly positive risk-to-reward ratio along with the pattern suggesting that were headed down there to begin with but not just a stop it stop and reverse on a close with 298 stopping over to Long so as well have had their last chance and reversing down at that point .

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 gap down and dip to 2457.00-2459.00 was all that remained from its pre-open dip to 2455.50. The collapse it had threatened was avoided for the open by trending up through 9:45. The morning’s 2465.00 high failed to recover positive territory, keeping alive the collapse potential. But any remaining selling pressure was expressed by a dip attacking the 2457.00 opening low.

Overnight action’s new info…
Hurricane Irma devolved faster than models had been predicting. Sunday night’s open reflected the surprise and its relief, gapping up 6 points to 2467.00 and soon breaking higher to test the gap back up at the prior Friday’s 2473.25 cash session close. That was relatively early in the night, but it is still being tested after having extended only to touch 2475.00.

If, then…
I asked at Friday’s close whether the session’s intraday pattern would resolve the following night, as did Thursday’s. That pattern was bearish, failing to recover positive territory that might have rejected the overnight probe of fresh lows. Sunday night’s gap up doesn’t delete Friday’s question, but adds another. First, post-open action can still trend down, despite gapping up this morning. The gap from the prior Friday’s 2473.25 close is influential resistance regardless of being filled intraday, which gapping up would suggest is being tested by extreme optimism. The second question to now ask is whether not trending down will instead trend up relentlessly. Gapping up above Friday afternoon’s highs is forming a sort of “session-long rally.” Not an optimal setup, but still credible if the open were to trend up.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 2474.00 would likely also exceed the 2472.25 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2467.75 would be likely at least to trigger the 2465.75 bias-up signal at 10:15.