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 gapped up above Friday’s 2461.00 prior highs and trended up throughout the day to touch 2471.00. The biggest drawdown followed the open’s surge to 2466.00, which was retraced to attack its 2462.00 maximum pullback limit. Since Tuesday’s dip had recovered, Wednesday’s close qualifies as a breakout from a multi-session range. WedEX triggered actively bullish, subject to Thursday’s open gapping down back under prior highs.

Overnight action’s new info…
That’s different. Ranging narrowly last night broke higher at Europe’s opens, surging to new highs at 2474.00. Playing catch-up to yesterday’s gains is fostering optimism. Friday’s surge to new highs was treated skeptically, not only Sunday night but also Monday. The behavior isn’t so overly-optimistic as to be bearish from a contrarian perspective, but it does set a pace that probably won’t cope well with not being maintained. Meanwhile, the overnight probe has consolidated back down to the Globex open’s high, centered around this morning’s 2472.50 bias-up signal.

If, then…
A second consecutive higher close Thursday would confirm Wednesday’s breakout and then require at least one more higher close. We’ll see. The ongoing template suggests fresh highs will be short-lived, and probing higher overnight or this morning doesn’t ensure maintaining positive territory this afternoon. But confirmation of a higher close Thursday would buy the rally a lot of time. Gapping up above yesterday’s highs could form an anchor that also buys the rally a lot of time — so long as the anchor fully forms by extending higher through the open. Not extending a gap up, or not even gapping up despite already probing fresh highs overnight, would undermine an attempt to extend the rally today.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2474.25 would be likely to trigger the 2472.50 bias-up signal at 10:15. Exiting the open under 2470.75 would be unlikely to trigger bias-up.

Phonetic dictation…
okay good morning and welcome it is Thursday it’s time for Thursday’s morning market tour we have new highs and if you heard new highs and not an unusual way gapping up trending up extending higher had Tuesday Tuesday afternoon head Tuesday’s closed dipped instead of firming or ranging sideways or not dipping been gabbing up above prioritize would have triggered a session Long Valley set up and a session long rally looks like this in a lot of cases often with one time and window that I’ll dip under the prior timing Windows High but such a long rallies timing window but one probes the prior timing Windows high as indicated at the open to expect that we didn’t know to expect that necessarily at the open by the session long Rally Set up because Tuesday as this is necessary for the setup is to be rejection the Gap up has to be rejecting this was just extending if it were a sessional rally we know that this morning was likely to probe your eyes extend yesterday’s rally in other words whether or not it was sustained biased upward or downward based on what actions they took the Wednesday’s clothes and Wednesdays clothes being real or to the degree that it was influential Wednesday’s close relative to Prior price action now this is not multi-session trending single breakout can’t be both can’t break out in multi-session Ranger If This Were multi-session ranging we’d have a very reliable in this whole setup with other bells and whistles considered we have a very reliable wed x bullish wed x actively bullish wed x we do have an actively bullish way that’s because it’s a breakout of Breakout by its nature tends to be with very few exceptions a actively bullish wed x it can be it can be invalidated at the open it doesn’t look like it’s going to be but when it’s just a single session there’s still a break out there’s still I’m sorry I’m trending there is still an opportunity to invalidated by gapping Down Under the entirety of Wednesday’s range and preferably back under Pryor High as that Wednesday’s breakout had recovered I Donuts certainly not in the works here but if Thursday is open where to print Under prioritize then we’d have a invalidated actively bullet X and that in itself would be Friday morning on Friday afternoon and Monday morning what’s today’s show your hand Mario draghi coming out so long as that is retraced reacted up this should be alone right here otherwise we are headed lower the get the high won’t be retested if today’s open compensates for the delay in extending down the Looney we talked about yesterday as potentially forming a setup having no unfinished business above and yet having a new High clothes new trend High clothes closing under Tuesday’s low Tuesday 7895 Lowe would reverse the trend down would reverse sorry momentum down at this point second consecutive lower clothes would confirm that the trend in Traverse Town but big rally here and no unfinished business above not the cell signal not unless it’s not extended pretty immediately and then the year of course going to be most sensitive to the ECB statement coming out shortly 11510 11525 support being tested looks like headlines Crossing to this area is a cell signal if it’s break is maintained it is meanwhile you know the reason why I had cell signals because it’s support and such a stance will support that’s a long as it is if it’s broken bounce .

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 pre-open drop extended down through the open to test Friday morning’s 2450.00 “lower prior highs.” A reaction up was recovered in time to narrowly avoid triggering the 2453.25 bias-down signal. Narrowly. Too narrowly. The 2448.25 bias-down target was tested anyway, but from the position of strength of not being timely. It was “no-bias trending,” doomed to failure, so the extra dip was recovered entirely. And then it was reversed throughout the session to attack the morning’s 2459.75 objective that had become “unfinished business below.”

Overnight action’s new info…
Tuesday’s recovery extended through the close. The Globex open spiked up to 2461.00 and then reacted down as quickly to 2457.75. Price action since then has ranged narrowly around the 2459.75 “unfinished business above,” which is now finished.

If, then…
Is today the day? There is an outstanding requirement for a new trend extreme close, and the market couldn’t be positioned any nearer to the highs. Probing fresh highs intraday is no assurance of maintaining, any more so than was yesterday morning’s probe of fresh lows. Knowing that’s what is meant by choppy ranging since Sunday night is what helped us to anticipate yesterday’s recovery from probing fresh lows. We should also recognize that NDX attacking its prior intraday highs is bringing all three major indexes into sync with each other so that an apogee can form.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2459.00 would be unlikely to trigger the 2459.75 bias-up signal at 10:15.

Phonetic dictation…
good morning welcome it’s Wednesday it’s time for Wednesday’s morning market tour not a lot going on overnight really what is important about today happened yesterday and it didn’t even happen yesterday it is this late surge don’t even see it on the intraday you know the entire session was recovering basically from the mornings low in the mornings low wasn’t or betray you know there was a overnight depth actually emanated not too long before Ridge native not too long before the open early enough to have its own life but not well entrenched it did for sag app down that held a test of Last Friday mornings higher priorities balanced avoided triggering the 24th 5325 biased and Signal only narrowly though at 9 10:15 it was still within a tick not close enough to invoke the grace period at 10:30 the same thing hadn’t really despite trying hadn’t exploited that no bias triggered so that kept alive the potential for a fresh low and that fresh Lowe’s likely objective to retraced last Friday’s range to its support which also happened to be yesterday morning’s bias Town Target so not a bad ending any way to selling but the point is the rest of the session put into play or recovered and maintained what had been put into play that morning by holding the test of the biased and Signal the offsetting to the vice up signal at 5975 so the rest of the signal coming out of the and headband underway since Sunday is open and some ways since late Friday well the other thing that meant was that shopping is not that there was a lot of opinion out there a lot of extreme and pinion so not that that was going to be a false break in fact that’s not a false break yesterday morning that satisfied the target selling pressure was Matt it wasn’t to weekly sponsored same thing on the upside so this rain she doesn’t see it as well without the overnight but higher this morning it is not likely to be maintained and it will be just because we have unfinished business of that is a new but there’s no requirement for it and it’s the durability top Friday’s close not really concerned with that being filled because the it was created by opening within that range but now I haven’t filled the Gap back to Monday’s close yesterday if that’s not being exploited already today by extending down and it’s because we’re going to fill that Gap to the high another word retest the high gold fulfilled its 12:40 that’s the level that was fulfilled yesterday at the high up above and not even the first much too narrow in the context of the of what got us up here much too narrow to assign its own pattern to also the origin has to be an extreme so if we’re going to drop pattern or find a pattern in here and it should begin his me had an extreme so the extreme it has to begin at would be the overnight High and since then it’s just been down trending let’s compressor makes a difference optical illusion any other questions.

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 choppy range was otherwise irrelevant. Its opening dip only briefly pierced Friday’s late low, while holding the relevant 2454.00 level. Several large intraday swings probed higher and higher, but all overlapped 2459.00 resistance and never touched Friday’s 2461.25 high. The last swing down ended unchanged at 2456.50, still signaling no new buying sponsorship has arrived. Or not. Or nothing. Monday’s intraday range is too narrow to rely on its pattern(s) being predictive of behavior in a more heavily-sponsored environment.

Overnight action’s new info…
Monday’s late dip back down to 2456.50 was retraced into the Globex open, until touching 2459.75. That’s this morning’s bias-up signal, and its resistance held. News of more healthcare vote defections triggered a reaction back down to Monday’s low attacking 2454.00. But no lower. Consolidating there through Europe’s opens eventually broke higher and attacked Friday afternoon’s 2460.75. That surge has now been retraced by 61.8% to 2457.00.

If, then…
While overnight action did remain range bound, its choppy range reflects varied opinion. Rather than being complacent, participants are searching for the range’s exit. They’re champing at the bit; they’re kicking at the stall doors. The first trending attempt in either direction would be credible for extending… Having delayed a pullback from beginning immediately after a new trend extreme on Friday, breaking lower today would now be unlikely to bottom at Friday morning’s 2450.00 “lower prior highs.” Exploiting the delay to resume the rally this morning would likely target at least 5 points higher than 2464.00-2465.00 — for however briefly.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2459.00 would be unlikely to trigger the 2459.75 bias-up signal at 10:15. Exiting the open above 2456.50 would be unlikely to trigger the 2453.25 bias-down signal.

Phonetic dictation…
it is Tuesday it’s time for Tuesday’s morning market tour let’s who got Bank of America earnings out few things happening really overnight the action is been Guided by or restrained by yesterday’s rain just says range somewhat being Friday afternoon as range but I think this morning is prepared to leave all this behind at least temporarily but probably substantially even if only temporarily so here’s the point is let’s see yesterday let’s take one thing first of all yesterday’s relatively but we can’t really get anything predictive from yesterday’s and by all the way into the what was from the all the way up to add the open rally Marcus not interested in passing Healthcare is interested in avoiding the no vote or at least anything that keeps alive the potential for a pro-business agenda which now with a couple more GOP Congressman abandoning or coming out against announcing they would vote against healthcare plan right here says it’s not going to be successful by the way that is the one 1510 11525 resistance and had reacted down to test 11450 but never broke it and return back to the upper end has now broken higher it’s kind of an interesting set up but I think it does get us to 116 50 at this point I mean there’s a there’s an outside chance of closing back under one 1510 and I really should Mark that off closing back under 11510 and really today is pretty much the only path down prior to extending the one 1650 the Looney which just completed a four-day set up and is pretty much neutral here that’s right here this is Wednesday’s surge high that for the next 3 days is only range around is extending higher today there is no cell signal in the living the pound interesting late which had its self tantalized it’s upside attractions and closed higher on Friday didn’t extend higher yesterday and now it is pulling back even deeper today but only back to support so so far lower prioritize and the Odyssey extending higher as well really avoiding any kind of reaction down just not seeing any cell signals in any currencies silver which gapped up but didn’t get anywhere on a net basis yesterday now now at least today not exploiting sellers aren’t explained and similarly with gold I didn’t quite touch it overnight 1236 that’s buy 50 650 and it’s reacting of pretty sharply right now but only briefly so far anything that if it is 650 through the open probably says the lower end of the range is going to break lower first I don’t see what the news is behind as I suspect that the reaction to something but let’s on the recording and I will see you before the open all right 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…
Friday’s opening surge had consolidated above almost all prior highs at 2450.00, and then extended into the last half-hour up to 2461.25. Fulfilling all remaining upside objectives along the way, the rally had one opportunity to entrench itself by the close. And it did, with a new trend high close on a Friday that requires an eventual higher close.

Overnight action’s new info…
Sunday’s open quickly bounced up to 2459.00, which is the bounce limit I had identified at Friday’s close. Narrow sideways ranging eventually dipped to touch 2454.00, which had been the last “unfinished business above” outstanding. Its reaction is now bouncing back up to attack 2459.00.

If, then…
Probing the highest upside objective at 2456.50 Friday was retraced into the close to avoid any hold-long signal. Holding it had opened the door to a near-term pullback to Friday morning’s “lower prior highs” at 2450.00. Holding 2459.00 as resistance keeps that door open this morning, too. Extending higher instead could test 2464.00-2465.00.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2460.50 would be likely to trigger the 2459.00 bias-up signal at 10:15. Exiting the open under 2454.00 would be unlikely to trigger bias-up (i.e. holding above 2454.00 through the open won’t marginalize sellers).

Phonetic dictation…
good morning welcome it’s Monday it’s time for Monday’s Morning Market to or not a whole lot to go off talking about here because first of all we did a lot of that on Saturday I hope you had a chance to watch or listen to the Saturday review but basically it comes down to this we had a multi week pull back that ended last week with a gap up that extended for the next day and then Friday morning surged Hubbard pessimistically short of the prior High already two days earlier having indicated that new highs weren’t play it’s so we got their pessimistically short hovering resolved up unfinished business and have been outstanding from the I really wouldn’t have been a deal-killer if it had been left out standing forever but anyway 2454 we were able to calculate levels off of that including 5650 the room for noise about 50 for it was influential and not only influential in a little bit that was soon proved but then retraced close basically at 5650 the room for noise above the unfinished business of self held as resistance which is a big deal also a big deal is a new trend I close on a Friday so with that unfinished business above that has no timing factor to it what about Friday’s Friday’s close hat 24 5650 which was the room for noise above the unfinished business well that creates the potential and with timing for a pullback in fact the timing is immediate or not at all it’s not a requirement it’s not a signal like the new trend High closes and Signal saying or set up or going to have a new High clothes to follow but it would have timing to it but there is timing to the clothes at or under 5654 that a signal tonight so either 5650 is going to hold it can be proved intraday probed above but having clothes there says that the sponsorship if it doesn’t get reinforcements today is in that is to drive it higher is in need of finding reinforcements From Below so if there’s a pull back if if the market goes looking for a sponsorship to extend the rally below it’ll find it either 50 2449 or there’s levels and start getting somewhat substantial below so what about the open it open going to take care of that and start rallying that’s that’s dependent on 59 59 itself 2459 is the balance of it that I identified at Friday’s close that would maintain that deeper pulled back potential only bounced but only bounce so long as 59 holds that keeps the door open today afternoon 50 otherwise 12:36 and 12:43 are the next higher highs silver pretty strong notice it did not did not probe fresh highest Friday with gold kind of making up for the are trying to compensate for that delay today Long Pond has no unfinished business below has a warning shot across the bow on Wednesday that was retraced to lower prioritize back within that range the 61 8 retracement and Cetera of a lot of those swings bigger surge at Friday’s will Friday morning no requirement for a correction of that and yet it did correct so there’s just at this point not much room but little reason to delay extending hire through 153 this should be 153 and overnight 153 is been touched or pretty open here bottom is formed just needing to be triggered crude oil did finally close about 46 this is this is not the most credible close by 46 + 2 closes at 46 so it’s a trigger the closing back of the 46 today wood Decatur hand and natural gas really Friday’s pre-open dip fill the Gap sort of you don’t really feel gaps overnight but it did hold the test of the Gap back the last Monday’s close there’s really didn’t really require being filled at all anyway so that was kind of nice of them to do that but still needs to exploit that and there’s really no reason why delay to the rally has no further justification for it .

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 night’s fresh highs up to 2446.50 were retraced to essentially unchanged at 2441.00-2442.00. Thursday’s opening bounce to 2445.00 retraced only 61.8% of the overnight highs before failing. Failing from some level was likely since Wednesday’s setup had required gapping up Thursday to extend its rally. Its failure was too late to avoid triggering bias-up, but in time to invalidate it, reversing down sharply to 2439.00. Nevertheless, overnight highs were recovered during the noon hour, and probed briefly during the final hour, closing at the morning’s 2445.00 high.

Overnight action’s new info…
An eventual blip-up pierced yesterday’s highs to touch this morning’s 2447.25 bias-up signal. Its immediate reaction down eventually extended back to 2442.00. Now its reaction is testing yesterday morning’s 2445.00 high.

If, then…
The 2451.50 prior high and its “unfinished business above” at 2454.00 are easily met this morning, if the market wants. If the market wants to reveal the rally’s strength — either by closing above prior highs on a Friday to entrench itself, or to fail a probe of prior highs as sponsorship disappears. Restrained optimism that only firms shallowly into the weekend could be bullish if prior highs are only attacked and not touched. But actual pessimism of dipping back to and through yesterday’s lows would chip away at their support, since yesterday’s highs had failed to extend — not necessarily avoiding new highs next week, but dooming them to failure.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2443.50 would be unlikely to trigger the 2447.25 bias-up signal at 10:15. Exiting the open above 2442.00 would be unlikely to trigger the 2439.75 bias-down signal.

Phonetic dictation…
good morning and welcome it is Friday it’s time for Friday’s morning market tour quick reminder tomorrow is a Saturday review I hope you can join us at 9:30 Eastern just like any other than Market open without the market open distraction as for today basically I’m going to do a little deeper analysis than that but essentially this Market is at a Crossroads and it’s not a Crossroads yet that says we’re heading up or down from here to hear it is a Crossroads that says the next action dictates whether the ultimate resolution is up or down what I mean is we have a Breakout does the bigger picture going back months on the es we have a break out yesterday or I’m sorry two days ago from a downtrend it wasn’t invalidated was it the multi-session break out so it doesn’t really get confirmation other than to maintain its momentum other than if it’s not invalidated there is a objective than in play Dora trace the entirety of that down track that’s the reward clear and simple for having broken that downtrend and not rejecting the break of the downtrend nothing about that speaks to the path we can know it 100% degree of certainty if we could that we’re going to at some point retest the high of this pull-back three week old High more so is that possible to do today absolutely there isn’t any single day in this to climate doesn’t contain a intraday move that if duplicated today would get us wouldn’t get us above that Pryor High you should be easy if the market or the rally that is wants to do that so the question is and add the resolution would likely be up accumulation in other words there are varying degrees but in general accumulation and that would be distribution to probe the prior high without closing above it and if the rally wanted to let us know that it intends to extend well it would be free to do that as I say being so close to the prior High on Wednesday to avoid if 39 is touched we’re probably heading to 3550 and remember there’s down there’s room down to 33 without reversing the trend down so sorry to take so long and I was like a Saturday review itself but we literally have Matrix of for possibilities here at a Crossroads and coin flip among the four four sided coin flip alright other markets like giving it to 92293 to complete a bottom or try to complete a bottom of that that needs to hold and react up of course that yesterday’s eia report prevented perhaps doing but only temporarily now overnight action is doing that overnight the Gap attacked close enough if the market wants to go with that and if this point bounce back above 3302 they won’t be any unfinished business with outstanding below any questions good luck today.