Pre-market Tour

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

NEW 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 14-point drop from 2454.75-2440.50 and Wednesday’s opening 2-point blip-down to 2438.75 weren’t likely to extend. In fact, the drop was retraced to 2447.75 at the noon hour’s high. No relevant Fibonacci measurements are in those legs, nor among any internal legs. The sloppiness kept us leery of extending the recovery, even after its first 6-point reaction down to 2441.50 was recovered entirely before the close. We didn’t have long to wait for proof, as the recovery was retraced entirely into the 2441.50 futures close.

Overnight action’s new info…
The recovery’s retracement was reversed through Wednesday’s Globex open, soon extending 6-7 points down to 2435.25. That was a quick 12 points, which was recovered back up to 2441.50 by midnight. Its 4-point reaction down was recovered to fresh overnight highs into Europe’s opens. Extending higher to 2445.25 retraced 61.8% of yesterday afternoon’s upleg. That’s now being probed by a point.

If, then…
The premise at yesterday’s close was that dipping any deeper would likely be short-lived, and recovered to complete a correction off of Monday’s low. Already rallying overnight would have been challenged by the gap above at Tuesday’s close. That gap would still be the case whenever it is met, if ever, but Wednesday’s pattern wasn’t yet prepared to make that happen. A deeper dip to test 2438.00 had become necessary. Having tested it twice overnight — initially to within 3 ticks of this morning’s bias-down target, and then ahead of Europe’s opens, the question is whether its intraday test is also needed. There’s room up to 2446.50 before the answer is likely “no.” Back under yesterday’s 2442.50 cash session close would make an intraday dip likely.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2446.00 would be unlikely to trigger the 2448.50 bias-up signal at 10:15. Exiting the open above 2443.00 would be unlikely to trigger the 2440.00 bias-down signal. Exiting the open under 2438.00 would be likely to trigger bias-down.

Phonetic dictation…
good morning and welcome it is Thursday it’s time for Thursday’s market tour where are we 4625 being tested 4625 is four and a half points positive territory versus yeah that’s right bounce bounce and shut down to 30 that down to 40 something non-specific 238 but this 38 actually have to be touched intraday Tim completed that test what we ought to know soon because the measurements of this rally basically put a line in the sand at 4650 if today’s open can get out of up 4650 then we get out of the very big magnetic attraction down 238 or at least risk down 238 it’s a lot of risk unusual amount get out of and will be able to put that aside play we are from it alright any questions about any of that let me know meanwhile real quickly through currency reasserting its downside pound didn’t Forum that Buy Signal that would have qualified above Tuesday’s High closing book Tuesdays how yesterday after knowing we’re going to be dipping French Lowe’s that plane down trending playing of support downtown and support support come too so we still have room for a bounce back up to that level and in fact that was likely and is playing out presumably but we can have to prove that Looney yesterday has anything about that.

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

NEW 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 6-point gap up to 2433.00 surged to quickly fulfill the minimum likely objective, which was to retest Friday morning’s 2439.50 high. The rally extended through the session — relentlessly and substantially, extending the open’s buy signal while holding every pullback limit’s test — up to 2454.00. A last-minute dip to 2450.50 held the 61.8% retracement from Wednesday’s 2474.00 high.

Overnight action’s new info…
The Globex open quickly touched what is this morning’s 2454.50 bias-up signal’s resistance, and then began reversing down. First attacking what is this morning’s 2446.00 bias-down signal, a 5-point bounce resolved down for its retest down to 2445.25. Its reaction has only bounced 3 points so far.

If, then…
Although a lot of buying pressure was expended and fulfilled yesterday, potentially completing a corrective rally, already trending down overnight is a little suspicious. The bias-down signal and a session-long decline setup are being threatened, but only being threatened at this point. And there’s room down to 2438.00 before confirming a new downleg has begun. Absorbing the overnight dip and not triggering either of the bearish opening setups could be rewarded by extending the corrective rally to 2461.00 today or tomorrow morning — at least by retesting yesterday’s high.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2443.00 would be likely to trigger the 2446.00 bias-down signal at 10:15. Exiting the open above 2447.25 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning welcome it is Wednesday it’s time for Wednesday’s Morning Market or it has pretty much been straight down overnight and it was pretty much straight up yesterday so just mirror images of the same price action not exactly yesterday’s straight up from back here 233 overnight had rallied substantially from about 26 had rallied substantially didn’t hang on but rallied substantially pulled back and Trigger to buy signal pretty quickly at 35 that pretty quickly. Jective of retesting Friday mornings High’s 2439 50 and kept going and going and going pretty much to the balance of the session was a late dip that closed 5125 5150 which just to put that in perspective this is last week’s high and 70 2474 which was a the mornings by step Target which test is the first time in today after having tested overnights 7173 50s corrective balance limit so yesterday’s clothes basically held a 61.8% retracement of that leg that damn leg nice natural correction not as silly the end of the road notwithstanding the overnight drop that since then since it’s bending all of that buying pressure intraday and actually let’s go one minute spending all of that since it was the sponsorship of one by or at least Down Under the bias environment slow with trigger a session long decline this already took some of that pressure off that late rally but you know is a session longer aliamanu still look at his bearishly and in the context of a session long decline if yesterday’s by its environment low his broken through the open so what 4625 4650 not triggering by here 30 minutes and then break up And loud saying and now firming further it failed to recover 1705 yesterday so I’m suspicious until it is recovered and even then needs a couple of consecutive higher closes to confirm that is not in the process of rolling over same thing with gold flirted with its 1288 cell signal and didn’t recover any relevant level it’s firmer overnight firming but not above any relevant level which would need to be recovered and then confirm that a second consecutive bases before that would be credible for overcoming the likelihood that is resolving down Longmont didn’t really give up within this range.

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

NEW 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 opening probe under Friday’s low and the overnight low down to 2415.75 didn’t spend the morning under pressure. It was recovered up to 2429.50 at the noon hour’s high. Another shallower dip to 2422.75 was recovered almost entirely into the close. But no relevant level was recovered through a relevant timing window. The morning’s 2414.25 bias-down target became “unfinished business below.”

Overnight action’s new info…
Surging into Asia’s opens was extended up to 2434.50 and consolidated back down to 2432.00. Later rallying ahead of Europe’s opens up to 2437.25 was retraced much faster back down to its 2432.00 origin. And eventually lower to touch yesterday’s 2429.50 noon hour high. Bounces have been trying to chip away at 2432.00 resistance. .

If, then…
Retracing Monday’s opening dip doesn’t equate to rejecting it. Extending higher overnight doesn’t equate to reversing the trend. But yesterday’s bounce still has potential to extend up to Friday morning’s 2439.50 high as described yesterday morning. Last night’s rally did create a lot of room to expend selling pressure without yet reversing back down, and even the 8-point drop from overnight highs has remained in positive territory. It is difficult to sell this pattern in positive territory this morning.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2432.00 would be likely to trigger the 2430.00 bias-up signal at 10:15. Exiting the open under 2427.25 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning and welcome it is Tuesday at Sanford Tuesday’s morning market tour it’s been all positive territory overnight and that even includes this 8-point drop it’s one of the benefits of a rally is it creates room to expand its selling pressure without that selling pressure damaging the charter damagingly pattern the rally getting that selling pressure out of the way so buyers can resume seems to be what’s going on yesterday had begun by probing meet Lee prepping the overnight low Friday’s low but only briefly back when the by its environment began the probe under Friday’s low is already been recovered or on the cusp and extended hire through the bias environment lapsing and into the new towers high again. Necessarily bullish but creating room to absorb sewing pressure before I could damage the chart and it did allow at 6184 traisman back to the tip the back to the Crux of it Dad has extended higher overnight and held up through the afternoon but it didn’t recover yesterday any relevant level that was going to indicate momentum It reversed are the trending River stuff that is extending higher initially overnight this is last night ages opens then consolidating hovering here this is not your UPS opens its anticipating your UPS opens which was interesting because your abs opens while they fought for avoided extending a three-day losing streak that’s really why overnight and rallied didn’t extend and maintain on that and right back down but then again that’s eight points of selling pressure and still in positive territory at the low 2925 so well into positive territory sideways I fully expected to feel it’s probably what happens what the objective is that is so long as positive territory is maintained we may even be higher than this as we get into the open but that is the pattern that’s under way corrective bounce weather in 24 40 or higher and there’s overnights line is a correction I look at the markets so I’ll see not extending but it does have room up to 7965 before suggesting something more substantial is underway then just a corrective belts the pound stopping short again 120 935 in order to react town that’s a fresh low when 2820 I’m going to be able to lower the Buy Signal on that but it’s not something I would buy them this year you see how it’s playing out I want to see the clothes if the clothes can recover back above say 128 75 then 12875 to 129 then I would consider this to be bottoming basing at least and preparing to launch recovery it’s really the only set up that is half formed little even close to fully formed in the pound Moody which is come up to resistance at 7965 testing an overnight and having tested it at all back under and 7915 7920 would reverse momentum down and finally the Euro which it filled a gap here another Gap that’s after filling the Gap back to Wednesdays close on Friday basically extended hired and fill the prior Friday’s close that really getting any follow-through to that but perhaps as Testament to that Gap fill being durable reacting Back Down Under 118 back down to one 1765 which even though it’s a cell signal you can see the support here it is influential produced brakes but nothing really durable yet or substantial silver has no unfinished does not require gold that being stocks falling apart well look at if we get to 2440 early crude oil seemingly resuming its decline I’m switch cover or rolled coverage for it in the blog to October but you can see just as last reference point 4047 75 or newing the brake lower after 4875 held the bounce all fluctuating around the 4825 cell signal that it previously treated and previously been productive down to 4645 basically almost that’s all bases sap and a bouncing overnight back to the 4775 level so basic screwed there’s not a big difference about a $0.20 premium bases crude are outside basis October October bases so long as 45 continues to hold as resistance the decline has resumed having held a bounce 249 or and 4895 and then still all while circulating around or fluctuate fluctuating around that 4825 4845 that’s going to be the big Line in the Sand now but a second consecutive lower clothes under 4795 preferably under yellow would help to confirm that a retest of the losses in play reports after today’s close but this is not a position of strength .

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

NEW 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 morning’s opening drop probed under prior lows at 2419.50. Under all prior lows, including the prior Thursday night’s 2430.50 overnight low. And stayed there, until the bias environment began lapsing.This created an anchor that helped doom to failure a rally into the noon hour’s 2439.50 high. The WedEX’s bearish influence helped, too. Regardless, the afternoon slid back down into the morning’s range to test 2424.00 into the close. The morning’s anchor was probed, but not broken.

Overnight action’s new info…
Sunday night’s open gapped up a couple of points and extended several more to 2431.50. Dipping back under 2428.25 signaled momentum reversing down, and soon it was all retraced to probe under 2424.00 again. And again, and again. The last probe slid into and out of Europe’s opens, attacking Friday morning’s 2419.50 low to within 1 tick. Its reaction got steep and touched last night’s 2428.25 sell signal. That has been consolidating back down to Friday’s 2424.50 cash session close as support.

If, then…
Retracing all of Friday morning’s anchor during Friday’s session could have held to establish a durable bottom. The delay reflects optimism, which is potentially bearish from a contrarian perspective. Stopping optimistically short of touching Friday’s low overnight, and already surging, also prevents a durable bottom from forming. But it does help to refuel sellers. Regardless of whether the opening print is a gap up from Friday’s close, the bearish WedEX influence should help to push price lower through the morning. The WedEX’s lapsing influence doesn’t prevent the afternoon from trending down, too. Only having ranged overnight doesn’t prevent post-open action from trending down sharply. And only recovering 2434.00 through a relevant window would start to suggest further downside can be delayed.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2434.00 would be likely to  trigger the 2430.00 bias-up signal at 10:15. Exiting the open under 2427.25 would be unlikely to trigger bias-up. Exiting the open above 2423.75 would be unlikely to trigger the 2421.25 bias-down signal

Phonetic dictation…
good morning welcome it is Monday it’s time for Monday’s morning market tour awfully you’ve had an opportunity if you didn’t attend the Saturday review to actually watch the Saturday review recording the first oh and 20-25 minutes is often enough to get the gist of what the markets are trying to say what its challenges are and what its intent is then also what the different strategies are for Sunday night Monday last night was interesting because remember and it is the big focal point is that the big focal point of the I’m going to climb this time trying to actually reverse the trend down that Friday morning actually broke under all prior lives not just continued trending down but broke under the prior Thursday’s Lowe’s which is been the lows for the brake lower for the first leg down spent that way which by the way that’s not that big a deal that can cut either way that can be absorbed and reverse backup or extend down or but timing is what I told us will if the open were greeted already in Decline selling off and not waiting until the last 60 90 minutes before the open to start doing so or resume doing so but just bottom line is the overnight dip stopping short of launching new Lowe’s the reaction up that’s back into positive territory none of that in fact all the way back up to the cell signal at 24 2825 that I identified initially overnight none of that is necessarily bullish it’s the Post open Action that will be bullish or bearish and various wed x Wednesday expression influence that was confirmed on Friday afternoon suggests that whatever the open gapping up flat down Post open Action through the morning will trim down and the overnight slope however shall we might consider that doesn’t prevent a steeper slope in the morning so what might change our mind on that and that is a couple things well at 10:15 of course the bias up signal 2430 if it triggers even then 2430 is bias up signal won’t prevent or won’t be sufficient on its own it’ll be helpful but it won’t be sufficient on its own to prevent turning down temporarily for the morning that’s unusual but it happens really through the open it be open if pre-open action word to extend if pre-open action were to get the open and then the opening 15 minutes through 2434 2434 then we would start to suspect sellers aren’t going to take control this morning or be assured of this morning that wouldn’t prevent them being assertive in the afternoon and by the way being assertive in the morning wouldn’t prevent them still being assertive in the afternoon but if the open can recover 2434 or if it 1015 the bias up signal 2430 where the trigger those would suggest or start to suggest this morning and bear is wed x might not be an issue alright let’s look at other markets any questions that post it to the trim or that same day so its not that its I can’t be retested it’s just not an attraction there are higher Prairie lose up around 1300 if close about 1300 we can really 1301 and we can start to our 1302 and we can start to suspect that perhaps this leg is extending but otherwise it’s at risk of topping Long Pond doing well with or at least firm with vs under pressure crude oil which had extended down up at cell signal 4825 came back to test its cell signal clothing back about 4875 would suggest the downside is done or at least in the near-term that’s some big are corrective bounces underway like a probe of prioritize about 50-50 10 otherwise signaling down and there’s.

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

NEW 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 firmed to test 2463.00 before resuming Wednesday afternoon’s decline from its 2474.00 high. Thursday’s close retested last Thursday’s 2430.25 overnight lows down to 2427.75 before the close. Trending into the morning and afternoon bias environment exits were predictive in two different ways. The interim bounce was confirmed as being only a correction, leaving no “unfinished business above.”.

Overnight action’s new info…
The intraday drop extended immediately to fill the 3-week old gap back down to my 2425.25 objective, probing it by 6 ticks. The Globex open began firming, and extended up to 2434.00 during Asia’s opens. Hovering for several hours was supported by last Thursday night’s 2430.25 overnight low. But the fear of Europe’s opens started breaking under that range. The break attacked the earlier lows down to 2424.25, which has reacted again by testing 2430.25 as resistance.

If, then…
Gapping up like last Friday isn’t being attempted this near the open, so it probably isn’t going to happen. Probing lower post-open is almost obligatory at this stage of the pattern, having punished last week’s buyers for impatiently preventing a retest of overnight lows. An intraday test of the long-standing 2425.25 is likely, too, and avoiding it would suggest that buyers are behaving impatiently again. Firming is still possible, and likely if an obligatory fresh low is avoided. Firming might resemble stability, but it would be only anxiousness, still doomed to resolve down. The bearish WedEX’s influence this afternoon suggests another interesting day regardless.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2431.00 would be unlikely to trigger the 2434.50 bias-up signal at 10:15. Exiting the open above 2431.00 would be unlikely to trigger the 2426.25 bias-down signal.

Phonetic dictation…
good morning and welcome strangest a little bit late 10 or 15 minutes late here so really this will be brief I mean there’s already one possible resolution to yesterday’s big plunge that is off the table I don’t know if you remember yesterday there was a big Plunge is it was set up because the prior week’s pivot reversal session that told us we were heading down and heading down quickly for substantial for multiple multiple sessions for substantial to substantial degree had been retraced starting Monday and retraced in a in the wrong way and other words there were overnight lows Thursday last Thursday night it hadn’t been rested intraday on Friday really nothing that will keep me lative activity Friday and yet all the sudden Monday was gapping up in Monday gapped up and that told us much more certainly that this what even though it already stopped short of its objective 2425 gapping up told us that was very likely a corrective bounce its objectives at least 2463 and if 2463 didn’t launch the next down leg than 2471 7350 basically back here this Gap would be the would be the launch and so actually that Gap was tested overnight last this Tuesday night it was tested intraday on Wednesday and in both cases held and as expected Wednesday and push price back down and then Thursday we’re in this decline so just to point out this is the first day of a break out from a multi-session range Thursday was the first day of a break out from a multi-session range so today has the pressure of potentially being confirmation a break at is interesting but it still needs to be confirmed by a second consecutive lower close today and it isn’t always last week’s was not in fact Thursday was a break out last week as well then Friday didn’t confirm so it has that when we get to similar setups sequentially so two Thursdays in a row with basically plunge Lowe’s they tend to resolve differently so Friday last Friday resolved without probing of French low with a true testing the overnight lows and last night probably little bit lower and then by the way resolved up on Monday this week this Friday unlikely to duplicate last Friday unlikely to avoid retesting overnight lows unlikely to produce lead that is to a quick of rally so that Plunge and any after that there are permutations as well if we if we know or have reason to expect at least an obligatory fresh little because last week already punished so close in such near term memory last week’s aggressive and patient buyers that created at corrective balance already been punished by retracing all the way back down to last week and through last week slows then we’re unlikely to see that activity again which is one reason why I kept up was unlikely also likely to see the overnight Action Pro so it’s going to be difficult to be a buyer without seeing fresh loves without testing also 24 25 24 25 25 the the long-standing objective remember that being the Gap filling but now off to the left here the Gap that was outstanding you can barely see that back here but it’s not quite and town this morning and further this afternoon essentially the burden of proof is on buyers and we’ll be looking for evidence because bounces in this kind of environment can be sharp even if they can be and they can be substantial even if they can peek short of their objectives but the likelihood is down alright any questions let me know.