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CHARTROOM LINK (pre-open Market Tour begins at 8:55 ET)

Through the prior close... Wednesday morning's bias signal overcame the open's traction, launching a bounce to the 2044.50 bias-up signal despite having trended down to the 2035.74 bias-down signal. The open's downtrending was ignored even further as the morning's no-bias trending exceeded 2044.50 by 10 points. The requirement to retest 2044.50 enabled an afternoon dip that only reached obligatory support at 2046.00 before surging again to test the 2059.50 upper-end of Monday's final hour range. Overnight action's new info... Despite Wednesday's still overlapping the 2059.50 upper-end of Monday's final hour range, fresh highs were probed anyway. But a reaction down from 2062.00 never recovered, and fresh lows into Europe's opens have extended down to 2047.50. If, then... Wednesday's session colored way outside the lines to a very rare degree, but not at all unprecedented. "Unfinished business below" remains outstanding at 2044.50. Delaying its retest is often compensated by also testing that signal's timing window print, which was 2039.00. Another 3 ticks lower would target 2032.50 and then 2021.00-2022.00. Some degree of pullback is likely since yesterday's buyers didn't gain traction for their effort. But probing higher without gapping up is possible, and then a steep reaction down from a new high close would be probable. First Trade... Exiting the open at 9:45 under 2048.75 would be likely to trigger the 2051.75 bias-down signal at 10:15. Exiting the open above 2053.50 would be unlikely to trigger bias-down.

No-bias trending retraced. More consequences on tap? Gapping open at 2047.00 bounced once to 2050.00 and then to 2051.00. And then their 2045.50 interim low broke lower to and through 2044.50.

2044.50 is this morning's bias-down target. Probing under it was too late to renew the bias-down signal. This is still a bias-down environment, capable of extending down, and already testing 2041.25.

2044.50 is also "unfinished business below" from yesterday. Its retracement was required, and could include a visit to 2039.00. We'll expect its test so long as 2044.50 holds as resistance.

Back above 2046.50 would start to suggest this morning's dip had run its course. Otherwise, the trend remains down.  

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2053.75 2046.00 ...would target  2059.25  2051.75 Bias-down: under  2045.50  2038.00 ...would target 2040.25  2032.50 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL FAQ INTRO VIDEOS #1 and #2 1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 1:20 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 1:30 after invoking the grace period would trigger "noN-bias," with no bias influence.

Unfinished business neutralized, exceeded. Wednesday morning's 2044.50 bias-up signal was probed during a no-bias environment. Despite extending up to 2062.00 overnight, the requirement to retest 2044.50 was neutralized this morning. Yesterday morning's 10:15 print at 2039.00 didn't require a test, but it's often retested after no-bias trending is extended. Its attraction was neutralized this morning, too. Yesterday morning's bounce up to 2044.50 had been put into play by holding a test of the morning's 2035.75 bias-down signal. That happens also to be the noon hour low.

And now fresh lows are probing the noon hour low. And yesterday's low, and Tuesday's 2034.25 prior low, to 1 point under 2032.50. That's this afternoon's bias-down target.

Exiting the bias environment at 2:30 under the 2032.50 bias-down target would negate the "no-bias trending" that would otherwise be required to retest the 2038.00 bias-down signal.

Oversold RSIs at 2031.50 would require its retest in case of a bounce. The next lower objectives are 2021.00-2022.00 and potentially 2008.00-2009.00.

Thursday's final hour 10-point bounce from 2026.00 fulfilled its corrective bounce objective. Extending higher through the cash session close attacked the afternoon's 2038.00 bias-down signal, which didn't require being retraced. 2038.00 held as resistance. No prior high was recovered. Sellers gained traction into the bias environment's exit and final hour's entry. The trend remains down. Thursday's close was testing last Friday's 2038.25 interim low as resistance. Overlapping it, not recovering it. But so long as 2040.75 isn't recovered, the trend remains down. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2048.25 2040.75 ...would target  2053.25 2046.00 Bias-down: under  2037.25  2030.00 ...would target 2032.25  2024.75 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED FAQ INTRO VIDEOS #1 and #2 1. At 10:15, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 10:15 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 10:15 would invoke a grace period through 10:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 10:30 after invoking the grace period would trigger "noN-bias," with no bias influence.