Pre-market Tour (recording & summary)

The opportunity to gap up above yesterday’s high appears to have been lost. The reaction down from 2116.00 has extended back under yesterday’s 2112.25 high to 2109.50.

Not gapping up above yesterday’s high would be unlikely to resume the rally this morning. Trying to resume the rally prematurely would be likely to react down more durably. Add in a test of the 2111.50 bias-up signal or even a test of the overnight 2116.25 new Globex trend extreme, and a collapse would not be far behind.

Counter-intuitively, the most bullish scenario would avoid touching the bias-up signal. This would at least avoid putting into play an offsetting test of the bias-down signal, so the morning could wait out the next window available for trending.

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