Pre-market Tour (recording & summary)

The ECB statement was greeted by the market having returned to unchanged at 2179.50 basis Dec (2185.50 basis Sep). Its knee-jerk reaction dipped 2 points, which were soon recovered — but not reversed, as Draghi’s press conference was also greeted at unchanged. Which apparently was unsatisfactory to him.

A 9-1/2 point slide has now probed under yesterday’s low at 2170.50 basis Dec (2177.50 basis Sep), fulfilling its likely retest. Holding its test through the open could also avoid triggering the bias-down signal at 2173.25 basis Dec (2179.75 basis Sep), which would put into play an offsetting test of the bias-up signal.

Not holding yesterday’s low and triggering bias-down could get very ugly through tomorrow morning, if not longer.

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