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) Sunday night's flat open improved to fluctuate all night around Friday's ~3373.25 highs. Improving pre-open gapped up Monday to fluctuate all day around last week's ~3382.50 highs. And narrowly, with only a couple of interim dips. There is nothing predictive in gapping up to hover narrowly under prior highs through multiple timing windows. This session-long lack of sponsorship was underscored by closing Monday's cash session flat with the 3378.75 open. Overnight action's new info... (nearby chart is last intraday session and Globex) Overbought RSIs had required Monday morning's 3382.75 high's retest. Oversold RSIs all but required Monday afternoon's 3375.25 low's retest. Both were neutralized overnight by probing either end of Monday's 3374.00-3383.00 range. Surging at Asia's opens attacked 3388.00, with complexity that formed a new Globex trend extreme. It was all reversed into negative territory throughout the DNC's televised portion of its convention, and later extended through Europe's opens down to 3371.50. Its reaction has recovered back above earlier highs to attack 3389.00. If, then... (notes to accompany the Tour recording) Last night's probes beyond either end of the intraday range suggests Tuesday's intraday action doesn't intend to repeat Monday's flat, narrow ranging. Still nothing requires resolving in either direction, but extended narrowing ranges do tend to break falsely in one direction before reversing more substantially in the opposite direction. The past week of chipping away at 3383.00 had made at least a momentary probe above it increasingly likely. The new Globex trend extreme requires intraday retest, often the same day, which will be likely today if Tuesday's open were to hold above yesterday's highs. It's the only remaining unfinished business, so neutralizing it could be replaced by gapping open above all prior intraday highs. Even if left outstanding, exiting the open under last night's 3377.50 earlier Globex low could start reversing the trend down more deeply near-term, snapping back down from the overnight highs' stretched rubber band. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3386.00 would be likely to trigger the 3383.50 bias-up signal. Exiting the open under 3381.00 would be unlikely to trigger bias-up.

Invalidated. As was suggested by the wide, wild overnight reversals, yesterday's flat, today wasn't likely to repeat yesterday's narrow ranging. And as the overnight reversals warned, trending in either direction was not reliable for extending. Even a second higher new Globe trend extreme at 3388.75 had reacted back down into prior intraday ranges at 3380.50. The 3382.75 gap up didn't qualify to require being filled from below. The open's surge up to 3390.00 neutralized the overnight high's retest, leaving no unfinished business. And the market knew it.

Quickly reacting back down attacked the pre-open low and consolidated at the 3383.50 bias-down signal. Its break extended down sharply to within 1 tick of the 3370.50 bias-down signal, which held through 10:15. Triggering no-bias was invalidated by breaking under 3370.50 through 10:30.

Too late to trigger bias-down, its 3360.25 target is no in-play. But it's a likely attraction if a sell signal triggers, like back under 3372.75. Nothing requires even attacking earlier highs, let alone their retest, but trending in either direction still isn't reliable. Currently a 3376.50 buy signal is being touched, and triggering it could test 3381.00.

Meanwhile, this morning's sudden turbulence is underscoring the thin air up here. This environment doesn't seem attractive to strong-handed buyers, but it has yet to prove attractive to strong-handed sellers.

TUE P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above PRICE signal would target PRICE. BIAS-DOWN: under PRICE signal would target PRICE. NO-BIAS: between both signals. TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3391.25 3386.50 ...would target 3399.75 3395.00 Bias-down: under 3378.50 3374.00 ...would target 3364.75 3360.25 Signal status: noN-BIAS, STILL TESTING BIAS-UP SIGNAL . 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.

Last night's wide swings were nothing, apparently. This morning's failure from fresh highs at 3390.00 had rejected the 3383.50 bias-up signal to probe the 3370.50 bias-down signal, invalidating the cleanly triggered no-bias. All that effort only extended briefly down to 3365.25. Oversold RSIs on the cusp of the first hour didn't qualify for being unfinished business. And only helped the bias environment recover its 3383.50 bias-up signal before noon. Extending higher through the noon hour up to 3388.25 took RSIs overbought, now being retested during the grace period. Overlapping this afternoon's 3386.50 bias-up signal at both 1:20 and 1:30 triggered noN-BIAS. Not no-bias required to hold 3386.50 as resistance for the next hour. Not bias-up targeting 3395.00. noN-BIAS can perform like an invalidated bias. Its parameters continue their influence as support and resistance. But not with any consequence or reward for holding or breaking. The overnight and morning shocks-to-the system -- wide swings around the prior close -- give the market an excuse to range sideways. But any signal is credible.

Tuesday's intraday pattern duplicated the overnight action that greeted it. Monday night reversed from probing either end of the intraday range. Two new Globe trend extremes were promptly probed up to 3390.00 by Tuesday's opening surge. Its reaction down collapsed even faster, and much deeper down to 3365.25. And if reversing from probing either end of the overnight range wasn't similar enough to the overnight pattern, the morning's reversal was recovered back through its origin up to 3390.75. Just enough time remained for the close to dip back under prior highs. None of which left outstanding or created new unfinished business above. And not for lack of trying or for lack of proximity. Strong-handed buyers would have patiently consolidated the morning's collapse. Or, having rewarded themselves already for absorbing the collapse by recovering its origin, strong-handed buyers would have gained traction for their effort instead of letting the afternoon only range sideways. Sellers were precluded from gaining traction on the same day as a new trend extreme. Perhaps Pelosi's happy talk on virus stimulus was the catalyst for at least holding up through the afternoon. Similar signs from the other side could be the catalyst to probe higher Wednesday. A second consecutive higher new high close at this stage would have very bullish consequences. But another pullback has little fresh support below to use. 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 A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above PRICE signal would target PRICE. BIAS-DOWN: under PRICE signal would target PRICE. NO-BIAS: between both signals. WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3399.75 3395.00 ...would target 3407.75 3403.00 Bias-down: under 3381.50 3377.00 ...would target 3370.50 3366.00 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.