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

DAILY SCHEDULE First, watch the pre-open Tour recording HERE <<== Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close... (summary of last Market Wrap) Monday's open was greeted by a late-Globex break setup, having waited too long before finally trying to trend out of Sunday night's relatively narrow 3020.00-3026.00 overnight range. The late breakout's pre-open failure from 3027.25 extended down to 3015.50. The setup was a success, but the bias signal's 3014.00 bias-down target became "unfinished business." Its reaction bounced back into the noon hour to 3024.00, and the balance of the session ranged sideways through the close. Overnight action's new info... (nearby chart is last session and Globex) Globex didn't hesitate resolving the afternoon's ranging, recovering back up to Sunday night's 3027.25 Globex high. Its retest held through midnight, and soon began retracing back into the afternoon's range. And through it, steeply and deeply. The 3014.00 unfinished business is now neutralized, and the room for noise under it is being probed to to touch the upper-end of 3009.75-3011.50. If, then... (notes to accompany the Tour recording) 3014.00's overnight test qualifies for neutralizing it. Testing this morning's 3011.75 bias-down target won't be relevant unless tested intraday. But it is support anyway, and any time. We'll assume that not triggering the 3018.75 bias-down signal is bullish, resuming the rally up to 3033.00 and potentially 3066.00 before collapsing. Otherwise, triggering bias-down, let alone renewing it under the bias-down target, would next target 3002.00-3004.00 where any deeper is no longer a pullback. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 3017.50 would be likely to trigger the 3018.75 bias-down signal at 10:15. Exiting the open above 3020.75 would be unlikely to trigger bias-down.

And probed to its next target. The overnight drop to the 3011.75 bias-down target ultimately broke lower. Not recovering the 3011.75 bias-down target by 10:15 would have renewed the bias-down signal, and its renewed bias-down target would have been 3002.00-3004.00.

The pre-open low touched 3004.00. The post-open low touched 3002.00. There test was recovered when the opening 15 minutes of volatility lapsed at 9:45.

Exiting a relevant timing window any lower than 3002.00-3004.00 would signal a much bigger downleg underway. And not necessarily only a temporary pullback, next targeting the 2980.00 area.

The 3011.75 bias-down target was still being tested at 10:15 to avoid renewing the bias-down. This is still a bias-down environment, and another round of backing-and-filling this morning would still target 3004.00. Meanwhile, the bias-down target can be probed to test the 3018.75 bias-down signal. That's not unlikely, but it's the least likely scenario since the pre-10:15 high wasn't yet exceeded by 10:30. Anyway, that unlikelihood will diminish along with the bias environment at 11:30-noon nears.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3016.75 3017.50 ...would target 3023.25 3024.00 Bias-down: under 3007.00 3008.00 ...would target 2998.50 2999.50 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE 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.

But not for lack of trying. Isolating the open's test of 3002.00-3004.00 continues to behave bullishly. At least, by default. Which is to say that the decline hasn't resumed. The next proof of a low is to start rallying. That's not yet apparent. The reaction up quickly entered a range loosely defined by 3009.00-3015.00 -- this morning's 3011.75 bias-down signal held tests as support, and yesterday's 3014.00 unfinished business held tests as resistance. Now this afternoon has triggered no-bias environment. Touching either of its 3008.00-3017.50 bias signals should define that end of the window. Having said that, "no-bias trending" below could visit 3004.00 briefly. Regardless, the nearest bullish scenario would eke higher into the bias environment lapsing, then start producing fresh post-open highs. Having recovered an opening drop to range sideways through yesterday's close, this afternoon's sideways range is likely to resolve in one direction, or the other.

Unfinished business at 3014.00 left outstanding Monday had attracted the market lower overnight. It was overshot, through its 3008.50-3011.75 room for noise, down to 3002.00-3004.00 support. Any lower through a relevant window would have signaled something underway other than just a pullback. But the 3004.00 pre-open low and its 3001.50 post-open probe were recovered aggressively through the opening 15 minutes of volatility. Perhaps too aggressively. Sellers were isolated, but buyers were expended. Ranging sideways through the noon hour up to 3014.00 broke higher into the bias environment exit. Sellers were expended more easily as the afternoon's 3017.50 bias-up signal held as resistance. Perhaps anxiousness ahead of Wednesday afternoon's FOMC events caused paralysis, and inhibited the rally from exploiting Tuesday morning's big support test at 3002.00-3004.00. But there is no unfinished business below to justify resolving up by tomorrow's close. So, resolving down would suggest a bigger decline underway. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3017.00 3017.75 ...would target 3024.50 3025.25 Bias-down: under 3008.25 3009.25 ...would target 3001.00 3002.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE 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.