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 new highs up to 3524.50 formed a Globex trend extreme requiring eventual intraday retest. But not Monday, as a bearish Globex-flip was triggered by exiting the open under the 3512.00 earlier Globex low. Its bearish influence detoured from a higher bias objective at 3511.50, first blipping-down to fresh lows attacking 3490.00. The bias objective's test up to 3513.00 came too late to be strong-handed, snapping back down to the morning's low. Overnight action's new info... (nearby chart is last intraday session and Globex) The Globex open initially extended even deeper to 3484.25. But only momentarily before reversing 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of the last-minute collapse back up to 3502.00-3504.25. Breaking higher ahead of Europe's opens extended through the collapse's 3513.00 origin up to 3516.25. But only momentarily before reversing back into 3502.00-3504.25. The overnight recovery is now consolidating under 3513.00. If, then... (notes to accompany the Tour recording) Yesterday's late breakout had originated too late to be strong-handed sponsorship, and so was its reaction's collapse. Retracing the collapse back up to the failed breakout's 3504.50 origin is only noise, but retracing the failed breakout's 3513.00 peak -- which is also the collapse's origin -- suggests that its timing issues are resolved. The 3524.50 overnight Globex trend extreme that requires intraday retest is a likely objective if extending higher. Back under the 3492.50-3504.50 range opens the door to Friday morning's 3474.00 bias objective that is unfinished business below. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open 3500.50 would be unlikely to trigger the 3503.25 bias-up signal. Exiting the open above 3508.00 would be likely to trigger bias-up. Exiting the open above 3517.75 would be likely also to exceed the 3514.25 bias-up target to renew the bias-up signal.

Second dip absorbed. Yesterday's last-minute collapse from 3513.00 had initially extended lower at the Globex open. It was recovered overnight back up through its origin. Another pullback had extended lower pre-open to 3493.50, and a bounce into the open also reacted down a little lower.

Those dips were recovered through the first hour up to 3513.50. Now a pullback to 3504.50 is trying to be the latest accumulative dip's low.

This structurally accumulative behavior has yet to be rewarded calculabally. The late bias-up signal above 3503.25 is still targeting 3514.25. That said, having tested it to within 3-6 ticks does disqualify the target from becoming unfinished business if not actually touched. Extending the rally should at least test Sunday night's 3524.50 Globex trend extreme. Otherwise, there is no bullish reason for further backing-and-filling, i.e. accumulation. Fresh post-open lows would re-open the door down to 3474.00.  

TUE P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3514.25 signal would target 3525.25. BIAS-DOWN: under 3500.50 signal would target 3489.00. NO-BIAS: between both signals. TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3517.25 3514.25 ...would target 3528.25 3525.25 Bias-down: under 3503.25 3500.50 ...would target 3491.75 3489.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Absorbing the shocks to the system. Yesterday's late collapse, its entire overnight recovery, the pre-open slide, and then its substantial recovery up to 3513.50. That's a lot of short-term directional changes packed into a relatively brief period. It seems that this morning's bias environment said, "enough." The window was entered around 3506.00, and price action has since fluctuated around it. The range narrowed through the noon hour, and now this afternoon has triggered no-bias. Sudden strength is now piercing the morning's high up to 3514.00. That's within 1 tick of this afternoon's bias-up signal, which should define the no-bias environment's upper-end. Probing higher later would have the same upside potential as an earlier leg, at least back up to Sunday night's 3524.50 high. Meanwhile, the multi-window choppiness allows only one opportunity to support and reject another dip into it. Back under 3507.00 would start to signal another downleg underway.

Monday's last-minute volatility persisted overnight, and through Tuesday's open. Consolidating narrowly through the bias environment and noon hour broke higher through the afternoon to attack 3518.00. A late surge neutralized the only nearby unfinished business at the 3524.50 Globex trend extreme. Probing it up to 3527.50 also fulfills the new trend extreme close that became required by last Friday's new trend extreme close. Having neutralized the new high close requirement, closing higher on Wednesday would entrench the rally. The likely reward would be to trend up into and out of the weekend, or else to label a reversal attempt as only a temporary correction. Not closing higher wouldn't necessarily be bearish. Wednesdays are the week's highest volume sessions, so also the most liquid. Wednesdays ahead of a 3-day weekend can be predictive of strong-handed opinion, or of its underlying strength. A lot of optimism is being expressed into an illiquid window, already touching 3530.00 post-close. 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 3532.00 signal would target 3542.00. BIAS-DOWN: under 3516.00 signal would target 3500.50. NO-BIAS: between both signals. WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3534.75 3532.00 ...would target 3544.75 3542.00 Bias-down: under 3518.75 3516.00 ...would target 3503.25 3500.50 Signal status: BIAS-UP, BIAS-UP TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE