Pre-market Tour (recording & summary)

Already firming to 1990.00 ahead of the ECB statement, its knee-jerk reaction spiked up to attack 1998.00 and then touch 2001.00. That held the room for noise above Friday’s prior highs. It also repeated the pattern of last Friday’s payrolls report, which couldn’t maintain testing this area. Consequently, a reaction down to 1984.50 has retraced more than the knee-jerk reaction. The overnight high lacks the complexity that would require its retest as a “new Globex trend extreme,” but its reaction down hasn’t yet broken under prior lows to reverse the trend down — and potentially to start tracking more obviously with the ongoing topping pattern.

Details and other markets coverage are discussed in the pre-market Tour recording here.