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

DAILY SCHEDULE Watch the pre-open Tour recording* HERE <<== *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. chaRTroom** is now open... Pre-open update is at 9:15 ET **This is NOT the direct chaRTroom link

Through the prior close... (summary of last Market Wrap) Monday's 3033.00 open was in the middle of the overnight range. And the overnight range had fluctuated choppily around Friday's 3038.25 cash session close. An equal burden of proof was on both buyers and sellers that either sponsorship would produce trending. Neither did. The open's dip to 3027.00 was reversed up to Friday's 3058.50 post-close highs, where the afternoon ranged flat-to-lower. The morning's bias had left outstanding its 3030.50 objective which now becomes  unfinished business. Regardless, preventing the morning's sellers from extending down was likely to reward its buyers with a probe above Thursday's 3065.50 high. Overnight action's new info... (nearby chart is last intraday session and Globex) Monday afternoon's range finally broke -- lower -- at Asia's opens. Its 20-point drop to 3035.00 quickly stopped, and RSIs diverged positively on its retest. A recovery underway by midnight is still extending higher, probing yesterday's highs and last week's highs up to 3075.50. There is complexity, qualifying as a new Globex trend extreme. If, then... (notes to accompany the Tour recording) The open is currently indicated at fresh recovery highs, which fulfills the reward to yesterday's buyers for having absorbed the morning's dip. That doesn't satisfy the unfinished business from last week Tuesday's confirmed breakout that still requires at least one more clean recovery high close. Upside momentum currently greeting the open doesn't ensure retesting the overnight high, which this pattern now also requires. but a higher close will be likely so long as pullbacks are contained to only testing 3054.00 as support. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3066.00 would be likely at least to trigger the 3062.00 bias-up signal. Exiting the open under 3055.00 would be unlikely to trigger bias-up.

But not exactly a straight path higher. The overnight test of this morning's 3075.50 bias-up target had retraced to greet the open at its 3062.00 bias-up signal. Immediately extending down to 3052.00 tested the 3058.00 lower prior highs described during the Market Tour. The opening thrust was recovered through 10:00, and eventually further at 10:30. Meanwhile, late bias-up triggered. Its 3075.50 bias-up target is in-play. A higher high after 10:30 would confirm the late bias signal. That bar touched 3969.50 and has yet to extend. More so, price is collapsing to fresh session lows at 3049.00. That isn't likely to extend down during a bias-up window, but the missed confirmation I described is standing out now like a sore thumb. Until the late bias-up is confirmed above 3969.50, it can be rejected by exiting the bias window under its 3047.00 bias-down signal. Otherwise, retracing the 3062.00 bias-up signal and its 3075.50 bias-up target will become unfinished business.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3068.50 3064.75 ...would target 3079.75 3076.00 Bias-down: under 3055.50 3051.75 ...would target 3043.75 3040.00 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.

That which doesn't kill it... This morning's bias-up 3075.50 target wasn't met. It could have been invalidate, because the signal was never any more productive after triggering. The mid-morning collapse only attacked the 3047.00 bias-down signal to within 3 ticks that would have invalidated it. That's a lot of selling pressure to expend without gaining any traction for the effort. Bouncing since then has triggered this afternoon's 3064.75 bias-up, targeting 3076.00. Another detour can't be discounted, not after the same session already detoured considerably. But the detour's recovery is unlikely to have any other intent than to resume the original rally. Neutralizing this morning's bias-up target and the new Globex trend extreme, and another new recovery high close would leave n unfinished business outstanding.

Monday night's rally up to 3075.50 formed a new Globex trend extreme requiring eventual intraday retest. Sliding through the open probed lower prior highs I had described during the Market Tour by 6 points down to 3052.00. That was an Opening Thrust, and it resolved bullishly by recovering the 3058.00 lower prior high through the first hour. A mid-morning collapse came within 1 point of 3047.00, and any lower would have invalidated the morning's bias-up. Avoiding it was bullish by default. The afternoon's bias-up also became a higher attraction, and a late-surge up to 3078.25 neutralized them all. The late surge also fulfilled last Thursday's confirmed breakout with at least one more higher close. Neutralizing all unfinished business above makes it unsafe for a rally not to extend higher without delay. The safety net of higher attractions in-play doesn't prevent a reversal, it just makes the reversal's recovery likely. There is no safety net as of Tuesday's close. There is unfinished business below at 3030.50 and even 2965.50 as part of the current pattern. Meanwhile, the rally has become sluggish, so rejecting Tuesday's late surge through Wednesday's open would be vulnerable to extending down. New recovery highs, and the burden of proof is on buyers. See details and other markets coverage in the post-market Wrap recording* here. *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. Monitor overnight Globex trading in the chaRTroom here [NOT the direct link].

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3090.25 3086.50 ...would target 3104.25 3100.50 Bias-down: under 3069.75 3066.00 ...would target 3054.25 3050.50 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.