Proper context can start the day with a solid win and make all the difference.

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

Through the prior close... Things got off to a normal start Tuesday. Not gapping up had  trended down instead, probing under the overnight lows. That was appropriate behavior since Monday's rally had not gained traction. But then exit polling began claiming the market's preferred candidate was leading the day's vote. Despite having triggered the 2123.50 bias-down at 10:15, and despite only threatening to invalidate it at 10:30, the bias environment only rallied. The morning's 2132.50 bias-down signal was recovered sufficiently to invalidate the bias-down at noon. The noon hour extended up to 2143.50, testing "lower prior highs" of the two-week old highs. The balance of the session ranged choppily back down to 2131.25. Overnight action's new info... Early returns produced retests of Tuesday's high, first up to 2144.25, and then up to 2152.50, probing the two-week old prior high. Then, quite similar to Brexit, results tightened in unexpected critical areas. I had described Tuesday's session as being a very unstable base to the next rally attempt, and the evidence could not have come faster or clearer. Soon Tuesday's "Hillary" rally was retraced to its 2119.00 low, and the same leg -- almost the same bar -- retraced Monday's "Comey" rally to its 2102.75 intraday low.. Then last Friday's lows of the decline were retraced entirely, too, plunging 22 points under it to 2057.25. Reacting up to 2082.00 was reversed down to 2028.50, finally effecting a collar that stopped the decline. That was at midnight, and an eventual bounce has extended to attack 2109.00. Its reaction down tested last Friday's ~2080.00 lows. A bounce has been chipping away at resistance just under 2100.00. If, then... In yesterday's post-market Wrap I described the multiple instances of excessive optimism: rejecting Tuesday morning's bias-down, the morning's inappropriate rally, its retracement holding above Monday's prior high. At best, Tuesday's rally had discounted a large portion of Hillary's victory. Likely, it incorrectly anticipated a decisive decision. Surprisingly, it was blind-sided by Trump's win. The pattern only favored a correction, but last night's plunge is not out of bounds. The question is whether its near-term low -- which is likely -- will be durable. Probably not, because last night's "new Globex trend extreme" requires an intraday retest, but the pattern suggests that a healthy retest will be prevented by optimism for repeating a Brexit-like recovery. So long as Friday's ~2080.00 lows hold as support (preferably 2084.50) this morning can produce a bounce to 2121.25 or 2125.25 and possibly higher. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2077.50 would be unlikely to rally this morning. Exiting the open above 2104.50-2106.50 would be likely to rally this morning.

What overnight crash? Opening at 2118.25 surged within 3 minutes to test our first objective at the 2134.50 "higher prior lows." Reacting down came within 1 tick of its 2121.25 target before bouncing again. The 2140.75 bias-up signal's test sent price back down again, this time to within 1 tick of the 2125.25 bias-down target.

Along the way down, the 2130.50 bias-down target was overlapped for long enough to invoke the grace period. After dipping to within 1 tick of the bias-down target, a bounce retested the bias-down signal at 10:30. This triggered a noN-bias.

noN-bias. Not bias-down, whose target was met to within 1 tick, anyway. Not no-bias, whose offsetting bias signal was already tested, anyway. But noN-bias.

Now the bias environment is lapsing. The higher prior lows are being probed to the next objective, retesting the 2152.50 overnight high up to 2153.75. Knowing the overnight low requires a retest -- "new Globex trend extreme," limit down -- this seems like nothing more than a post-Brexit buying blindly strategy. That doesn't sound rash, at all... 1-minute and 3-minute RSIs are simultaneously overbought into the highs. Reacting down would be required to recover. Meanwhile, the overnight high's retest could attack 2160.00.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2161.75 2157.75 ...would target  2168.25  2164.25 Bias-down: under  2146.75  2142.75 ...would target 2139.50  2135.50 Signal status: NO-BIAS, TESTED BIAS-UP 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.

Today's post-market Wrap recording identifies most of the new influences that arose during election night and in its aftermath. Attractions below: The retest of last Friday's 2080.00-2094.00 range that was required by the Comey rally's gap up. Its retest is required intraday, so the overnight drop did not fulfill it. The "new Globex trend extreme" that developed under prior lows, which requires being retested eventually intraday. The low's limit-down, which also is historically retested. Buying pressure: The low's 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the Brexit reaction's plunge, which serves by proxy as its retest. Isolating the probe under Tuesday's lows to the overnight so that sellers might be marginalized for the day. The successful setup often extends for multiple sessions, retracing multiple downlegs. Upside attractions: Wednesday morning's break above downtrending resistance that had been guiding the two-week slide. Its ~2167.00 "connector" was tested at the intraday high, and any higher would target fresh highs probing its 2184.25 anchor. Meanwhile, intraday patterns already in-play are next targeting the 2180.00 area. Near-term momentum: Buyers gained traction by entering the final hour above the bias environment's high and then trending up through the 3:10-3:2- timing window. This makes Thursday morning likely to trend higher, regardless of gapping up. Wednesday's mid-day Ascending Triangle already broke higher and a dip corrected the break higher. So, whatever the opening print, there should be no delay in rallying. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2168.25 2164.25 ...would target  2175.00  2171.00 Bias-down: under  2158.25  2154.25 ...would target 2152.75  2148.75 7Signal status: LATE NO-BIAS, TESTED BOTH BIAS-UP PARAMETERS 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.