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 night's 68-point drop from the 2844.00 cash session close had reversed 22 points into positive territory at 2866.00, but extending post-open just another 7 points up to 2873.00 was enough to stretch buyers too thinly. Its reaction down to 2846.00 barely held positive territory, honoring the bullish Isolation setup. Entering the afternoon bias environment at higher lows was finally rewarded by probing fresh highs up to 2884.00. Ranging sideways through the close suggests the open's Globex-flip setup will influence another bullish morning. "Unfinished business" below was left outstanding by the morning's bias objective at 2827.75 and potentially also 2817.75. Overnight action's new info... (nearby chart is last session and Globex) Despite digging itself into a deep hole, a recovery is now probing above yesterday's highs. Tuesday's late-afternoon sideways ranging up to 2884.00 had closed at only 2881.50 cash, 2876.00 futures. But the Globex open extended down to test and retest 2855.00 by midnight. That's where Tuesday afternoon's rally had begun, and another rally began there last night. Trending up relentlessly since then is now testing 2889.00. If, then... (notes to accompany the Tour recording) Will the market have its cake, and eat it, too? Yesterday afternoon's late-afternoon sideways ranging had formed a "W" pattern. It was vulnerable to launching a short-squeeze, and probably needed to launch a short-squeeze to avoid a reaction down. Avoiding either before the close still left potential for a short-squeeze overnight, but as I describe above, a reaction down developed instead. Now the open is indicated back at or above yesterday's high. A short-squeeze is back in contention, or at least some sort of early rally with upside potential to 2896.00-2898.00 and 2903.00-2907.00 -- so long as the open isn't exited back in negative territory under 2881.50 / 2876.00, which would target a retest of the overnight low and possibly retrace back down to Friday's close. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 2880.50 would be unlikely to trigger the 2886.50 bias-up signal at 10:15. Exiting the open above 2890.75 would be likely to trigger bias-up.

Pre-open paradigm shift finds another post-open. The overnight dip to 2854.50 had recovered to probe yesterday's highs up to 2889.25. Extending higher this morning needed only to remain in positive territory above 2881.50, at least above 2876.00. Both of which were quickly retraced. By a lot. The consequence would be at least to retest the overnight low, and potentially also to fulfill yesterday's 2827.75 "unfinished business." The pre-open low got to 2836.00. Bouncing into the open barely pierced my preferred short-entry area at 2850.00-2852.00, and soon broke lower again to 2823.25. The open's overlapping congestion had made a breakout likely to retrace. In fact, reversing back to the open's range has extended through it to fresh post open highs attacking 2860.00. Unfinished business below has been neutralized, and extending back up to yesterday's late range at 2871.00-2894.00 is possible. That's a lot, and back under 2845.25 would instead start to signal the decline may be resuming.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2862.00 2860.25 ...would target 2869.00 2867.25 Bias-down: under 2845.00 2843.50 ...would target 2837.50 2836.00 Signal status: BIAS-UP . 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.

And up, and up, and up. The post-open bounce had at least pierced the 2850.00-2852.00 resistance to allow a short-entry. Its reaction produced fresh lows attacking 2823.00. 2850.00-2852.00 was soon on the way to touching the morning's 2867.50 bias-down target as resistance. And now the noon hour has absorbed a corrective dip to trigger bias-up above 2860.25. Its 2867.25 bias-up target was quickly met on the way to attacking 2879.00, taking RSIs simultaneously overbought. All of which is still under yesterday's 2881.50 cash session close. So, regardless of the degree to which price has recovered, it hasn't gained traction. And upside traction might not be gained at all -- another reaction is triggering a sell signal under 2870.00, as the bias environment comes within view of lapsing. I'll give fresh highs a benefit of the doubt for having marginalized sellers. Even sooner, above 2876.50. Until then, the recovery needs to attract reinforcements now that the bias-up environment is lapsing.

Wednesday wasn't history's most volatile non-trending day ever, but it is up there in the rankings, I'm sure. From recovering a 27-point overnight dip, dipping 66 points into the intraday open, and then recovering that dip, too. Even Monday night's Globex collapse and recovery was less volatile, albeit covering 108 points back up to Tuesday afternoon's high. In either case, that's a lot of selling pressure and more buying pressure to expend. Sellers aren't gaining traction for their efforts, but buyers are. Not decisively, as Wednesday went out overlapping Tuesday's close, if not holding it. But the afternoon rally gained traction that has been only barely rewarded, when it has potential to trend up through Thursday morning. The next higher objectives continue to be 2896.00-2898.00 and then 2903.00-2907.00. Any higher is likely to be much higher. An overnight pullback has room for noise down to 2869.50 and starts reversing the trend down under 2960.00, although there is no pressing unfinished business below. 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 2889.75 2888.00 ...would target 2896.50 2894.75 Bias-down: under 2878.25 2877.00 ...would target 2870.50 2869.25 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . 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.