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 test of the 2925.25-2933.00 area was retested overnight, but recovered at Tuesday's open. And that made the difference between rallying intraday, or reversing down. Monday morning's 2915.50 low had been tested overnight, so its intraday retest slid through the open down to 2904.25. The actual objective was 2903.00, if not also 2896.00-2898.00. Two more dips to 2904.25 finally broke lower, and compensated for the delay by extending down to 2897.50 through the close. Overnight action's new info... (nearby chart is last session and Globex) The change in trajectory couldn't be more different than (wait for it) night and day. Already collapsing through the close, Globex immediately blipped-down to 2893.00. Its reaction popped back up almost as immediately back above 2896.00-2898.00 to 2907.00. Flat-to-higher ranging broke higher at Europe's opens and just recently touched 2920.75 -- testing yesterday afternoon's bias environment high. If, then... (notes to accompany the Tour recording) The earliest indication of yesterday's drop being more than just a pullback would be to test Friday's 2892.50 "lower prior highs" intraday. It was attacked to within 2 ticks, after yesterday's close. The significance has been obvious since then, even if only since then, by bouncing sharply and relentlessly overnight. More so, four potentially bullish setups are forming.

The Isolation setup forms from probing yesterday's low overnight, and then avoiding negative territory post-open today; its reward is the current downleg's 2932.25 origin, and its alternative would simply extend the decline. The session-long rally setup would reject yesterday's downtrending through the close by exiting the open back above yesterday afternoon's 2918.00 bias environment high; testing any prior high post-open without recovering it would more likely reverse back down. The bias-up signal would be renewed by entering the bias environment at 10:15 above its 2915.25 bias-up target; its alternative isn't necessarily bearish without also failing to trigger its 2908.50 bias-up signal. Relentless overnight trending must attract intraday reinforcements through the open; alternatively, counter-trend sponsorship would likely take control.

Each setup has its own bells & whistles of requirements, rewards and consequences. These properties also help to inform whether one or all will be triggered, or if any may be rejected. Watch the Market Tour for visual descriptions of each. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2917.50 would be likely also to exceed the 2915.25 bias-up target at 10:15 to renew the bias-up signal (next targeting 2920.75). Exiting the open at 9:45 above 2911.00 would be likely at least to trigger the 2908.50 bias-up signal at 10:15.

Open forms a position of strength. Two more surges before the open extended more decisively through yesterday afternoon's 2918.00 bias environment high. Despite retracing post-open to 2921.75, the 2927.50 pre-open high was exceeded ultimately through the opening 15 minutes of volatility up to 2829.50. That formed a position of strength, either to extend up or else to likely recover from a reaction down. The latter's assurance of recovery can be especially useful if an extended price needs a deeper pullback. Which the open's higher high needed, pulling back to retest the earlier 2921.75 low. Any lower would likely also test 2918.00 as support. And likely hold it. Back above 2926.00 would start to signal no further pullback is needed before resuming the session's rally.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2929.25 2929.75 ...would target 2935.00 2935.50 Bias-down: under 2920.75 2921.50 ...would target 2914.00 2914.75 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.

Inhibited by FOMC Minutes. Still ranging sideways, hovering at or under the open's 2929.50 highs, just ahead of the 2:00 FOMC Minutes release. This afternoon's no-bias was signaled, which doesn't prevent probing beyond either signal in reaction to the news. Stopping pessimistically short of retesting the open's highs should be bullish from a contrarian perspective. Ultimately bullish, which also doesn't prevent an initially negative knee-jerk reaction down. Meanwhile, this is all taking place in the 2925.25-2933.00 killing zone, and all that that implies. But the recent attempt to reject it was itself rejected by today's recovery, so this should be the last opportunity to recover any higher.

Pent-up buying pressure? Delayed response? Wednesday's open was greeted by four bullish setups, and none was invalidated or inverted. But the session-long rally never probed the first timing window's high. And the Globex hand-off never extended overnight sponsorship despite reinforcing it. The doubly renewed bias-up signal did produce a fresh post-open high, but it's no longer relevant. The Isolation setup easily avoided negative territory, and its reward to retest Monday's 2932.25 high is 3 points above Wednesday's 2829.50 high -- which was pierced after the futures close. None of the bullish setups was rejected, despite the FOMC release's 6-point spike down to fresh session lows at 2918.00. Fulfilling them at this stage should almost literally explode higher Thursday, or at least maintain a gap up from rallying overnight. Strong-handed selling pressure wouldn't delay reversing down, so a delayed reaction down after Thursday morning would still be likely to recover. 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 2929.25 2929.75 ...would target 2935.00 2935.50 Bias-down: under 2920.00 2920.75 ...would target 2914.00 2914.75 Signal status: LATE NO-BIAS, TESTED BOTH BIAS-UP PARAMETERS . 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.