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…
Wednesday’s open gapped up for a third consecutive session, the sixth of the past seven opens, and the shallowest of them all. Narrow overnight hovering at or above Tuesday afternoon’s 2474.00 upper-end reflected only obligatory enthusiasm for AAPL’s earnings. The open soon became disappointed at the ineffectual optimism, and plunged 12-1/2 points to the bias environment’s low at 2463.50 support. The balance of the session rallied back up to touch the 2475.75 open into the close. Buyers gained traction for their efforts.

Overnight action’s new info…
Globex gradually pulled back to 2470.00 in retracing Wednesday afternoon’s bias environment exit. Consolidating was interrupted by Europe’s opens which triggered a dive that touched this morning’s 2467.75 bias-down signal. Its support triggered a recovery back up through the earlier consolidation, to touch yesterday’s 2473.50 futures settle — unchanged for the night.

If, then…
Gaining traction during yesterday’s recovery suggests this morning will rally out of the open. Which doesn’t preclude the open from gapping down. Only backing-and-filling through the morning could delay the rally until the afternoon. Some window Thursday should probe fresh relative highs, so long as Thursday’s open doesn’t gap down into a reversal signal — such as, gapping down to and through yesterday afternoon’s 2466.00 bias environment low, which would invalidate Wednesday’s recovery traction. Although not required by a rally, gapping up would be helpful.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2470.00 would be unlikely to trigger the 2467.75 bias-down signal at 10:15. Exiting the open under 2473.50 would be unlikely to trigger the 2475.25 bias-up signal.

Phonetic dictation…
good morninggood morning and welcome it is Thursday at 7 for Thursday’s Morning Market to her a whole lot of nothing last night which is not good for our purposes trying to get a handle on the open or sing Witch Way the markets leaning it’s really interesting overnight the low ride here 20 for 6775 is this morning’s bias down signals we’ve been to this morning’s bias down signal often not often enough to make a requirement out of it but tendency if sellers don’t retake control through the open the bias up signal typically is also tested at some point on this early on pre open and doesn’t necessarily hold but if this doesn’t repeat then and if we get no bias this morning is still reason out there and historical reason out there to anticipate touching this morning’s bias up signal 7525 so there’s that maybe there will be more maybe yesterday’s plungis is opening plunge remember it is really didn’t do it justice and pointing out that it was this week’s third plunge or opening slide or morning slide whatever it was really the second if not third reaction down from gapping up the sixth reaction out of the last 7 sessions really where the little different range so I’m not giving this this week’s series of gaps up failed as a maybe regardless of whether they did fail not giving them the same labeler the same sponsorship as last week’s failed gaps up those were in a rage with the first one but that’s what they are I’m in a lot of that is being sold in to quickly not during the Challenger job cut report following uses ATP and before tomorrows employment situation report that’s at 7:30 and then at 8:30 and couple of items including jobless claims 945 on Bloomberg which is irrelevant PMI Services which isn’t much more influential 10 Factory orders and I assume non-manufacturing index I know usually read the list but just to point out a lot of recognizable names but none of them are really influential the price so it’s going to have to be organic maybe there’s a reaction but we know that’s not what makes the brake on Monday can I buy a little that is 7910 essentially seems a little much but as well if it leaves unfinished business above by gapping down under 79 then we’ll know just to correct a dip is underway otherwise lower end of the range legal the Gap from one end of the range to the other end of the range and extend so at least the bounce to 7940 is likely silver and gold both yesterday I had levels 1660 in silver which is better pull back with it but if that point having pulled back overnight you can’t see it in here and there is and bounce to fill the Gap back to Monday’s close at that point there was no bullets reason to return to 1660 a return to 1660 not that 1660 was in a cell signal that just told us what the character in the context was in the Gap back to Tuesday’s close was filled we’re going to look at the same thing and gold sort of but in principle and what did that mean I mean ignore that prior to that but there’s that bounce up just for having touch 1660 and overnight dropping even deeper got to get above 1685 to suggest we pull back is recovering into a rally same thing on gold to a little bit different but the level was 12 71 72 it didn’t have to react to support in fact it was broke down to 69 almost you know left out back to Tuesdays clothes and had to be filled but just because that Gap fill originated from 1271 test said that the Gap would hold the shallower dip before being attracted back up to Tuesday’s close would have likely extended higher well in fact because 1271 originated the Gap the recovery to Tuesday’s close that told us the domino effect we’re going to look for brake to 1261 there’s the balance and you can see the inflection right there can get to 1261 yet but that’s essentially app that lower and and now it has the same 61-62 has the same influence as does 12717 to it Rite Aid indicating that it had bottom according to the parameters we’d already laid out so not really a detour so much as a round-trip of that interim high is exceeded not just retested there’s something much more substantial and away and we’ll talk about that at the time if then arises crude oil and changed new for it although it hasn’t been very volatile but it did nearly avoid the cell signal 4825 yesterday and the natural gas greeting eia and it’s stronger but not for the position of strength it’s an interesting-looking inverted Head and Shoulders at the low and really this in the inverted Head and Shoulders doesn’t include this part of the pattern so much which now must break higher but had sloping shoulders so not greeting the eia report from a position of strength even though price is stronger because of bottoms not complete Sony jerk reaction down or that holds a test of the prior low or doesn’t hold the test I need you to create action up likely to fail likely to reverse back down to complete a bottom and that inverted Head and Shoulders does open the door to initially reacting up doesn’t have to be a lot could be a lot daddy could be a whole lot but need York reaction up likely to resolve them and possibly to form a more durable bottom .

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 second consecutive gap up was a Tuesday’s second consecutive failed gap up. Rather than extend higher, the open reacted down. Holding a test of the 2473.00 bias-up signal put into play an offsetting test of the 2465.00 bias-down signal, which was avoided by 3 points at the morning bias environment’s 2468.00 low. Bouncing back into the noon hour held 2474.00, which held the afternoon’s relatively narrow range ahead of post-close AAPL earnings.

Overnight action’s new info…
2-3 points were added immediately in sympathy with AAPL and NQ’s more substantial earnings reaction. Ranging narrowly sideways between 2473.50-2475.50 has persisted overnight. This morning’s earnings announcements have contained plenty of beats, which might be responsible for a blip up that pierced the range’s upper-end. But only a little and only momentarily, which might be responsible for reacting down sharply to pierce the overnight range’s lower-end.

If, then…
Yesterday afternoon’s narrow range had become likely to resolve down, and there’s “unfinished business below.” Now there’s a catalyst or two to leverage those influences — disappointment in not reacting more bullishly to earnings news and to AAPL’s earnings reaction. Tuesday morning’s selling began earlier than Monday and lasted longer. The pattern suggests that sellers will be given a path down if the open isn’t already rallying through prior highs.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2473.00 would be unlikely to trigger the 2476.50 bias-up signal at 10:15. Exiting the open above 2478.00 would be likely to trigger bias-up. Exiting the open above 2470.50 would be unlikely to trigger the 2468.75 bias-down signal.

Phonetic dictation…
good morning and welcome it is Wednesday it’s time for Wednesday’s morning market tour not very interesting overnight is it was and it was a very interesting this afternoon I’m plenty of tests of the 7350 I can’t even say test that requires a minimum three tix let alone probing that three tick if there were one three Tech overlap higher than its first three minutes just to ticks and one tick after the close when it was less relevant of relevant at all 7350 was recovered why reaction to Apple’s earnings and I don’t have a comment on this because this was not greeted from a position of strength so it’s pretty interesting that it reacted up occasionally it happens but the pattern didn’t suggest that there is that there is a durable rally coming from earnings so this may be shaking get through 160 160 25 I can have more confidence in that but meanwhile could be a near-term top at least for backing and filling is that an influence on the broader Market you know I’ve always said earnings ornt her name’s even though the market is ultimately and often pretty quickly dismissive of geopolitical stuff you know there can be a very big reaction to Russia moving its troops across Ukrainian border or to it but that’s usually a big by opportunity because it doesn’t have to do with her name’s at the same time earnings reactions in stocks the actual reaction to earnings doesn’t have a lasting effect on often no effect on indexes it’s just the overall earnings of opposite ends of the spectrum having either temporary or limited effect end of the spectrum this is that limited effect side of the spectrum on Apple because I mean unless you’re unless you’ve got Apple in your index like and Qs do which did pretty well on the news now at 6180 retracement little bit piercing that just a little bit of Thursday’s plunge doesn’t really matter didn’t really matter to us overnight little blip up or nominal surge back to 7575 50 which it already been tested pre-open yesterday for a second consecutive Gap up to the 75 area that failed to extend it we got kind of a pattern Monday’s Gap up to the open it wasn’t until that Master lasting longer not preventing a gap up though we’ve got some Ascension here so long as that’s preserved and the upper end of the range is broken that’s an ascending triangle and there’s potential to extend higher is the likelihood of extending higher if that’s broken in the right way which means at the right time which means that the open because buyers did not gain traction for the reference yesterday not to mention the unfinished business left at standing below and by the way all of this testing of resistance it all requires one thing of the Market’s going to Rally this morning it’s going to like yesterday I’m just going to repeat what I said yesterday when I said before Monday is open let some before Monday is open as before yesterday’s open this morning’s open hashtag app up above prize has to run through the open or it’s not credible that was one thing they gave us Insight early into yesterday’s Gap up failing likely to fail that it wasn’t immediately extending higher so similarly this morning even though there’s strength overnight and it held up to a degree didn’t extend and it’s not even a short of greeting this morning’s open with a gap that might not even occur we may be lower it’s early there’s still time at least couple hours before they open not so much ATP report shortly but it’s not an inflection point it’s possible to touch 71 or provender 71 just doing that would indicate that buyers or week just doing that would indicate that selling strength is growing but just doing that doesn’t require breaking down immediately and other words if that Gap back USA’s closes left outstanding by gapping down this morning by probing under the 71 this morning there’s still potential for bouncing back to fill that Gap what we know though is it would be filled from a position of weakness if that Gap were filled from avoiding 71 72 in today well that could extend higher but if there’s any Post open for rent on a tree or under 71 that then recovers which is perfectly capable of doing despite indicating that 61 has to be tested eventually next just recovering from under 71 to fill that Gap says it’ll hold the Gap will hold and resume reverse that is down let me know if that needs any clarification it’s a pretty important concept for a gold right now silver meanwhile has no requirement to Trend higher Not Without Really probing above but yapping about 1685 there’s no unfinished business of theirs basically Rising support in here that’s broken read tested back under 1660 which is being tested overnight and this was a big weird bar no idea what that chart room before they open good luck today .

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…
Head & Shoulders, or not Head & Shoulders, that is the question. Sunday night’s surge up to 2474.75 began to form the pattern’s right shoulder. A post-open plunge to 2465.25 tried to complete it. But that was still about 2 points short of the neckline. The balance of the session worked its way 7 points higher through a volatile afternoon, leaving just enough time for a last-minute dip to 2467.00.

Overnight action’s new info…
Déjà vu? Yesterday’s last-minute reaction down extended down another 3 ticks to attack 2466.00. China headlines soon triggered a surge that attacked 2476.00 — a full point above the prior overnight high. A full point higher, and an entire timing window earlier. Sunday night’s surge hadn’t been triggered until Europe’s opens. But Europe’s opens last night was barely noticed as the surge continued consolidating down to repeatedly test this morning’s 2473.00 bias-up signal as support. Probing higher a little later soon peaked within 3 ticks of this morning’s 2478.00 bias-up target, soon reversing back down into the consolidation to yesterday afternoon’s “lower prior highs” at 2471.25, still several points positive.

If, then…
Monday’s final hour didn’t break the afternoon’s range. But it did expand it, in both directions. So, although the pattern didn’t fulfill potential for resolving before the close, it wasn’t for lack of trying. Expectations for gapping open either way Tuesday have been made clearer overnight. Gapping up to prior highs must still extend through the open, the one bullish feature missing from yesterday’s gap up. Chances are better today for extending higher because similar setups tend to resolve differently when appearing sequentially. That’s assuming last night’s surge is maintained into the open, or already extended higher.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2475.00 would be likely to trigger the 2473.00 bias-up signal at 10:15. Exiting the open under 2470.50 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning it’s Tuesday it’s time for Tuesday’s morning market tour kind of deja vu all over again no remember how we greeted yesterday there had been at Europe’s opens which was greeted by an ascending triangle off the overnight lows there’s been a surge and that surge of it pulled back a little was recovered and greeted yesterday’s opens above Friday’s High’s only about Friday’s eyes but in any case the Gap up above Friday size did not extend her it was maintained through the open and then it resolved down pretty aggressively into the bias environment which then held and the balance of the afternoon but for the final minutes the balance of the session actually recovered sporadically probing or piercing positive territory book 24-70 right here didn’t maintain it into the clothes and into the Futures closed it back down and that’s interesting because based on the mornings action it was obvious that this pattern wants to resolve this does not want to sit still we see that now and then when there’s a tight range or just ranging whether or not tight we see signs that this just does not want to sit here and one of those signs that we saw yesterday was that the afternoon did expand price action didn’t nearly range or range narrower actually expanded its range that is a pattern that wants to extend or wants to break often that break is false initially in any triangle it did happen to be false last night but it got some bit of traction here but then recovered back to and through the upper end headlines from China drove this and economic dad and economic data there was some currency plays but the reaction was pretty obvious it’s pretty obvious and also took price above or at least piercing Sunday nights or Sunday night’s high that extended into pre open Monday and pull back last night or consolidation here’s Sunday nights and here’s last night’s because of the earlier timing of the surge dance China’s opens this with yeah and this was Sunday night triggered by last night any longer than yesterday morning that’s our ship and yet here we are yesterday afternoon and in this narrow range yesterday afternoon we’re able to see relatively narrow Ranger able to see signs that it is very sponsorship not just a variety of opinion which there always is but so Divergent and so strong at the Divergence that were expecting resolution soon and here it is over night or at least still trying to shake it Loose we don’t know yet whether What’s Happening Here is actually resolving up or weather like yesterday afternoon’s expanding range the range is just simply expanding again this overnight reaction down this is Europe soap it’s actually last night your UPS opens didn’t have any play really I mean you can see a little bit of just obligatory hiccup of course here’s your UPS opens right here and almost at obligatory bounce because even though there wasn’t any any big reaction to Europe’s opens an hour later there wasn’t any big reaction to Europe’s opens and so the prevailing Trend aside and just from an obligatory perspective let’s just pick it up I guess and didn’t last long on that theme came back down into the range and now by the way 2370 2473 which is this morning’s bias up signal 2478 which was attacked with in three tix at the High is threatening not to be maintained through the open yesterday’s High’s 2475 tested before they open since clearly buyers didn’t gain traction yesterday afternoon rallying this morning requires gapping up above yesterday’s highs if the very least above yesterday afternoon size can’t pronounce this leg as breaking durably lower so they don’t have to be recovered but it’s not very attractive but get out of the open above yesterday’s High’s 2475 get out of the between now and Ray’s Gap up to 2475 assuming it does would be less likely to resolve them or yesterday’s Gap up to 2475 dovers all down temporarily and then fluctuated for the day around unchanged followed by another Gap up today to 2475 that resolves down wouldn’t be likely to recover the unchanged so the first line of defense here is the gap up to 2475 and to be unlikely to reverse down camping up to 2475 butt and reversing down anyway following the same path as yesterday’s 2475 Gabba would then be unlikely to recover and range around on changed whatever if today is open gapps up or the Gap up to 2475 we would not expect the balance of the session to resemble yesterday’s maybe it backs and fills in the afternoon there is no Adam in one day but today now 1 days consolidation before reversing or extending is irrelevant it’s the next day that gives us the biggest clue so not yet reversing down today suggests are actually signals that the rally is extending silver somewhat similarly but it’s a similar principle but basically yesterday’s Gap up rather than looking at this in terms of consecutive sessions extending or not consolidating the prior sessions are we apply that template to intraday windows so yesterday is Gap up still overlapping Thursday’s High the multiple timing Windows did not extend or reject and that inertia is very dangerous at that point in the chart so there’s still room to fill the Gap back to Friday’s close and in fact that’s really what’s happening over night already and that’s without indicating momentum reversing down the pullback limit that was already in the process of being tested at Thursday’s closed that is a cell signal long Bond was weaker overnight or at least not firm trying to firm into the open no excuse at this point similarly same principle really been applied in several different ways today having extended higher Friday through this preliminary Buy Signal just a test the actual inflection point that says the trend is reversed up there’s really no tolerance for much further delay little tolerance I should say for further delay and resolving up crude oil which hit its 5010 Target yesterday went out testing it weaker overnight or at least not any firmer overnight cell signal has been raised to 4825 and their natural gas the issue Sunday night was serious downgrading and near-term weather today  .

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 mid-day 2480.00-2457.00 plunge left the door open to Friday confirming a massive paradigm shift was underway. Or to ignoring it. Two patterns were trying to take control — a trend change setup, and a lopsided Head & Shoulders. Neither bearish pattern was confirmed Friday, despite an 11-point overnight drop from Thursday’s 2472.50 close. Friday’s opening dip held the 2461.50 overnight low’s retest and steadily recovered 8 points through the close. Bearish patterns not confirmed, but not invalidated, either.

Overnight action’s new info…
Sunday night’s open was immediately weak, and extended down to 2466.25. Ranging sideways formed an Ascending Triangle that greeted Europe’s opens at its 2468.75 resistance. That triggered a quick 6-point surge to 2474.75. Consolidating since then has formed a Symmetrical Triangle resisted by this morning’s 2473.50 bias-up signal.

If, then…
Friday’s inside day wasn’t a terrible consequence for Thursday’s unsuccessful bearish behavior. Closing negative didn’t invalidate the topping attempt. It can continue forming after another upleg that fully or partially retraces the high. Or, a gap down can compensate for Friday’s delay. Upside potential to 2484.00 and 2490.00 remains intact, but gapping up sharply is needed to overcome another intraday pullback. Last night’s surge to 2474.75 only fulfills a partial retracement of the high, and almost completes the Head & Shoulders top pattern’s right side. Recovering further this morning would be threatened by reacting down post-open from the overnight high.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2475.00 would be likely to trigger the 2473.50 bias-up signal at 10:15. Exiting the open under 2469.00 would be unlikely to trigger bias-up.

Phonetic dictation…
good morning welcome it is Monday it’s time for Monday’s Morning Market to her we have okay interesting night interesting night and that we’re here on the one minute started with a pole back-tracing Friday’s recovery I’ll go into that and just a moment for context and just kind of sat it out waiting for Europe’s opens and there is Europe’s opens and there is a surge that is it was just really need to watch unfold very quickly basically a 20 minutes already forming a little bit into the opens of course it wasn’t an unknown I’m sure that Mark it was going to be doing well markets and they did and since then not rejected just consolidating seemingly waiting around for us opens regular intraday opens forming a symmetrical triangle interesting thing about a symmetrical triangle is it tends to break falsely in One Direction before reversing more substantially in the other okay interesting thing about overnight action is it influences intraday through the opening 15 minutes of volatility or not at all so put those two together and that’s why we tend to see that if there’s any overnight pattern greeting the intraday like this that if this triangle breaks out one way or the other and intends to reverse intends to prove that break out as a false break out it will be obvious during those opening 15 minutes so adorable for the opening 15 minutes of volatility if there’s a breakouts a higher it’ll need to be reversing all ready by 9:45 if that’s going to be a false break out that reverses more substantially in the opposite direction like down to the 6558 offsetting test of the bias down signal otherwise and by the way ahead of or at or during the opening 15 minutes to volatility that isn’t reversed by 9:45 we’ll just extend in other words an instance where a possible resolution at set up that is bullish or bearish that goes the distance all the way up to that consequence and doesn’t complete tends to behave in the exact opposite manner alright so that’s basically the pattern in the oven if we if we break down that’s going to be in the context of one of the two bears patterns that were dealt with last week there was One Barrage pattern last week that we had a break under the interim low that threaten to reverse the trend it wasn’t going to happen doesn’t happen on sessions that contain a friend extreme that there’s also reversal but that could have come back Friday and compensated for the delay that’s clearly not been here so we’re not going to be concerned with that again that needed confirmation from shoulders which is okay and that would have been drop on Thursday pair of backing and filling that isn’t quite backing and filling but a little more aggressive to the downside that could be trying to repeat Thursday’s drop anyway which hasn’t gotten a confirmed confirmation to a break out by the way Friday isn’t going to good old that has suspected Thursday’s retest Wednesdays 11 was not barish that still needs to recover 143 14/16 that’s the real inflection point of the pattern coming up to test it again as it was being attacked just like it was being attacked for Thursday is open or overnight after Wednesday’s close just waiting for that break higher well position for it it’ll be very disappointing to the pattern if it doesn’t trigger it crude oils reward for having really the potential reward for not reversing down from 47 25 or 40 from 4825 back under 4725 was 50 5010 1509 in 5006 has been tested overnight from above .

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 noon hour drop fell nearly 23 points to 2457.00 at the afternoon bias environment low. This tested the “lower prior highs” and gap outstanding, singularly represented by 2458.50. They held their test, as any lower would have entered a meltdown threshold — highly unlikely during the same session that prints a new trend extreme in the opposite direction. A 16-point reaction up to 2473.00 avoided that, and also avoided closing under Friday and Monday’s 2462.75-2463.50 lows, which would have signaled a trend change.

Overnight action’s new info…
The afternoon’s recovery also closed above Friday and Monday’s 2469.00-2470.50 highs. That would have been outright bullish, except the recovery extended to test Tuesday and Wednesday’s 2473.50 “higher prior lows.” Having neutralized its attraction, Globex immediately began reversing down to 2462.25. Flat-to-higher ranging up to 2467.00 wasn’t swayed much either way by Europe’s opens. A dip to fresh overnight lows at 2461.50 (which yesterday’s last reaction down held instead of triggering a new downleg) was recovered nearly entirely back up to 2467.00, and now sits at this morning’s 2465.50 bias-down signal.

If, then…
Even the most bullish resolution would not necessarily avoid probing negative territory Friday. But most bullish scenarios must recover that probe through a relevant timing window. Invoking the Friday Factors — a short-squeeze triggered by two days of impending illiquidity — could end the week back in safe territory. Meanwhile, a Head & Shoulders pattern has begun forming. It’s not very symmetrical, but that would be offset if the ferocity of its right neckline (the plunge into yesterday’s low) were duplicated Friday, also triggered by Friday Factors.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2463.50 would likely trigger the 2465.50 bias-down signal at 10:15. Exiting the open above 2469.00 would not be likely to trigger bias-down.

Phonetic dictation…
well looks like I miss some of the fun that yesterday when I left at the final hour but we caught some good stuff some intentionally some luckily this pattern needed to extend higher we gave buyers a little benefit of the doubt that the opens Gap up even if it didn’t extend would initially would extend eventually and they didn’t give it up not through the bias environment so that benefit of the doubt went that far at least sellers were marginalized for the morning but not the afternoon which plunged through its inflection point down and Down and Down but we did catch by having working levels having levels working as to what would it ecline hit what levels couldn’t hit what would be the maximum levels it could hit hit the maximum 5850 are oversold there so they require retest eventually but all other factors said that was at like 5850 was only being overlapped at the low despite being probed by several bars lower and lower and so the calculable reaction up with 6550 that was hit that was responsive back under 6150 would signal momentum reversing down keep that in mind or 6150 would signal momentum reversing down and it was pierced it was pierced by only three tix at its lowest point and only overlapped and of course I was here at the for the final hour but the final hour did rally back that rally back recovered 61861 .8% of the the drop actually got a little bit higher the cash session Futures closed pretty much at the 61 8th was an interesting relationship here as well we get rid of ticks and get to the bid on the highs we basically have a nice little 61 Nitra Trey Smith extend 60181 relationships in here I won’t go through the mall with the point is that this was not new sponsorship that triggered the recovery that took price even higher than the 6650 then we looked at originally even the higher highs that was just a reaction it’s all part of the same leg it’s really interesting that what was avoided we’ll come back to that in a moment what was avoided was a trend change so in other words new High clothes interim dip High clothes there’s no higher hi I’m planning out a higher high subsequent to that if there were one but even the higher 108 hyzaar overnight High’s don’t do it had that interim low been broken through the clothes we’d have a trend change not only did that overnight low or I’m sorry the interim low which actually is Friday and Monday is Lowe’s not only did that hold Friday and Monday size we recovered as well know they overlapped and they not been overlap and recovered as well that would be outright bullish this wouldn’t be that I also went on to test what is a normal it’s morning where to probe lower weather that where to probe under Friday’s low or the probe negative territory whatever that might have been is what even in the most bullish inerio even in a recovery at having recovered and avoided the trend change still potential for the morning to have follow through so let’s move forward and in fact we have followed through overnight and got to a certain point it actually got to the point where I basically we’re yesterday’s bias environment had gotten to it 120 as of 1:20 bounced noticed something I talk about this every day and today I’ll say it in a different way your UPS opens didn’t influence overnight Market and as we talked about intraday that doesn’t happen you don’t reverse the trend on the same day it just doesn’t it’s why I don’t ever have a reversal signal on the same day as a trend extreme but that was yesterday for a slightly aggressive attempt to reverse the trend is repeated today it will succeed if this aggressive attempt yesterday to reverse the trend is not repeated today it won’t succeed will be looking at new highs soon enough he have a resumption or repeat that is of yesterday’s big down leg is a voided today and it can be attempted so long as it’s recovered again through email back above Lowe’s window it cetera we close lower if we close from this hype back under yesterday’s low that would be close enough to duplicate might want to get a couple points in there just for decisiveness I don’t think the market will have any problem doing that if that’s the case if it’s not rejecting yesterday’s well it is unfolding a big head and shoulders and we’ll talk about that Saturday at the Saturday review one way or the other because there’s some very specific targets the upside and of the downside if there’s no attempt to try to repeat yesterday’s decline the upside is still 2484 2490 that hasn’t changed if there is an attempt to try to repeat yesterday’s downside that does recover intraday that’ll actually give us much higher Target’s to the upside again these are levels and constructs will examine more deeply Saturday and the Saturday review but know that this is a very pivotal point alright let’s look at other markets currency 25 this can just continue eating hire 50 is it started finally natural gas and I said very very bullish Behavior yesterday both in terms of the responsiveness to the 295 by signal especially having neutralize the attraction below just the prior day and then the restrained optimism to hover here it’s not pessimism but restrained optimism just shade off of pessimism over here above 295 using 295 is support looks good looks bullish and overnight forward here overnight holding up I don’t have really any spread or and the the roll over to the front month from August to set and price to pretty much the same levels alright any questions let me know I need the recording here running late for that but I will see you at the open all right good luck today .