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 late surge to its 3428.75 target had barely consolidated before US-China trade headlines triggered another upleg to 3446.00-3449.00. The new Globex trend extreme coming out of Europe's opens was retraced beyond its orbit at the 3435.00 open, extending the pullback to the morning's test and retest of 3422.00. The morning's 3418.00 bias objective became unfinished business. Flat-to-higher ranging through the afternoon attacked 3441.00 through the cash session close, and 3445.00 through the futures close. Overnight action's new info... (nearby chart is last intraday session and Globex) Briefly probing higher at Asia's opens got to 3448.00, 3 ticks short of the prior night's new Globex trend extreme -- which still requires intraday retest. That was the beginning of a sideways range back down to 3437.00, only fluctuating around yesterday's 3440.00 cash session close. If, then... (notes to accompany the Tour recording) Tuesday afternoon's rally above the morning's highs was only a stealth retracement of the pre-open slide, so not extending higher isn't surprising. Tuesday afternoon's bullish PM Traction setup does suggest that this morning will trend up anyway, from wherever the open is exited. Hovering all night under Monday night's highs suggest they will be probed. That's still required anyway for Monday night's being a new Globex trend extreme that requires intraday retest. Now last night's sideways ranging opens the door to a too-late-to-break setup, which would be triggered 60-90 minutes pre-open, and could offer even better timing and reliability for early entries. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3446.00 would be likely to trigger the 3444.00 bias-up signal. Exiting the open under 3437.75 would be unlikely to trigger the bias-up signal.

All systems firing on long. A last-minute surge to fresh overnight highs at 3449.00 made it unattractive to chase a long-entry, when a  pullback would have room to test 3443.00. My pre-open comments identified a post-open dip to 3445.00 as being more attractively priced, but no assurance of getting there. A post-open dip did test 3443.00-3445.00 -- thoroughly, including a detached sentiment extreme that blipped- down to 3441.00. Nothing about the pullback was bearish. The bullish PM Traction setup already indicates that this morning's bias environment will trend up. The 34440.00 bias-up target has triggered, and its 3453.75 bias-up target is in-play. Fresh highs are attacking 3452.00, and extending higher would next target 3463.00. AAPL and TSLA are firming, but anxiousness ahead of tomorrow morning's Fed Chair speech should at some point inhibit uptrending. Not that the trend will reverse down, but there is now extra room to expend selling pressure without it damaging the chart. We'll start looking at sell signals when the bias environment comes within view of lapsing.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3461.25 signal would target 3470.50. BIAS-DOWN: under 3451.00 signal would target 3443.00. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3464.75 3461.25 ...would target 3474.00 3470.50 Bias-down: under 3454.50 3451.00 ...would target 3446.50 3443.00 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's just one trend from the low to the high. Yesterday afternoon's bullish PM Traction setup had told us this morning's bias environment would trend up. The open's dip to 3443.00-3445.00 was likely to hold as support, although its resolution wasn't speedy. Triggering bias-up had put into play its 3453.75 target, which was immediately responsive when touched. Its 4-point reaction down nevertheless was brief to avoid violating its pullback limit. Fresh highs as the bias window began lapsing at 11:30 all but assured extending to the next higher target at 3463.25. But not necessarily so quickly. Regardless, the noon hour probed fresh highs at 3469.50. Higher highs would target 3472.75-3474.00. 3469.50 is already within 3-6 ticks of this afternoon's 3470.50 bias-up target, so it won't become unfinished business if left outstanding. Back under 3464.00 would start to signal momentum reversing down. Anxiousness ahead of tomorrow morning's Fed Chair speech could inhibit extending higher. Its vulnerability would be to retrace at least a portion of this morning's rally.

Tuesday afternoon had already formed a bullish PM Traction setup. So, Wednesday morning's bias window was likely to trend up, regardless of ranging sideways overnight. Post-open buy signals at 3443.00-3445.00 triggered before rallying to the noon hour's 3469.50 high, and later broke higher to 3478.00. Inhibition ahead of Thursday's Jackson Hole speech was brief -- a pullback to the noon hour's 3462.50 low was recovered through the close to fresh highs at 3481.00. The uptrend's ongoing series of higher highs and higher lows obviously remains intact. No unfinished business remains outstanding, but that can be changed by a new high overnight or gap up above all prior highs. Meanwhile, nothing prevents reacting down on Fed Chair Powell's speech. And all of Wednesday's rally could be retraced before even threatening to reverse the trend down. There's no bullish PM Traction setup requiring an intraday recovery from trending down through the open. Overbought RSIs at the afternoon high were neutralized by rallying into the close. Their absence isn't a sell signal. But there's a lot of room to expend selling pressure without damaging the chart, a self-preservation tactic which rallies often employ. 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].

THU A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3484.25 signal would target 3497.75. BIAS-DOWN: under 3467.50 signal would target 3454.25. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3488.00 3484.25 ...would target 3501.50 3497.75 Bias-down: under 3471.25 3467.50 ...would target 3458.00 3454.25 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . 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.