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) Trending down sharply Sunday night down to 3247.00 was consolidated into the 3258.00 open. Trending down sharply again past the first hour down to 3218.00 remained under the bearish WedEX's influence through the noon hour. The afternoon bias window's dip back down to 3222.00 only stretched the rubber band to surge through the final hour up to 3276.50. Overnight action's new info... (nearby chart is last intraday session and Globex) Choppy overnight action has essentially ranged sideways. Extending higher from the 3270.50 cash session close before and after the Globex open soon extended up to 3289.00. That was soon retraced back under the earlier Globex low, down to 3256.50 through Europe' opens. A rally from there has recovered yesterday's post-close high up to 3282.50. If, then... (notes to accompany the Tour recording) Yesterday's last hour 57-point rally gained no traction for its sizeable effort, so rallying this morning at least requires gapping up above the 3270.50 cash session close. Regardless, not trending up through the open would be vulnerable to launching another downleg -- maybe just back into yesterday's range, but potentially down to its oversold RSIs at the morning's low requiring retest, probably down to 3208.00. A near-term bottom largely depends on price action staying in motion, whether already reversing down, or probing fresh lows. Otherwise, simply containing this morning's price action within yesterday's range begins validating its level to prevent a later rally effort from rejecting it. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3281.00 would be likely to trigger the 3277.75 bias-up signal. Exiting the open under 3274.00 would be unlikely to trigger bias-up. Exiting the open above 3266.00 would be unlikely to trigger the 3260.25 bias-down signal.

And rejected? Choppy overnight ranging gapped up to 3286.00 and quickly probed fresh highs attacking 3292.00. But the opening 15 minutes was exited back under the open, without any discernible trending during its window. Extending down sharply touched yesterday's 3270.50 cash session close, and bounced again. The 3277.75 bias-up signal triggered, and its 3288.75 bias-up target was retested up to 3290.00 at 10:30. Still contained within the overnight range, and satisfying buying pressure, kept the door open to another dip. Its minimum objective would be the 3277.75 bias-up signal. Its potential would be to probe under 3270.50 down to 3266.75. The objective is now being probed under 3259.00. This being a bias-up environment, its 3277.75 bias-up signal must be retraced. Having already met the bias-up target, that requirement is invalidated by exiting the bias environment under its 3260.25 bias-down signal. Holding the bias-down signal's test would require a bounce to at least 3277.75. Otherwise, a retest of yesterday's lows would be likely.  

TUE P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3284.25 signal would target 3295.50. BIAS-DOWN: under 3266.00 signal would target 3250.50. NO-BIAS: between both signals. TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3295.75 3284.25 ...would target 3306.00 3295.50 Bias-down: under 3277.50 3266.00 ...would target 3262.00 3250.50 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

And no-bias trending. This morning's 3260.25 bias-down signal held its test to require the 3277.75 bias-up signal be retraced. Which it was, by noon, and then higher to test 3283.00. The noon hour's pullback to 3269.00 also recovered. But this afternoon's 3284.25 bias-up signal didn't trigger. Being a no-bias environment isn't preventing a probe 7 points above the bias-up signal to test 3291.00. Similar to the morning setup, this no-bias trending must be retraced back down to its 3284.25 bias-up signal. Left outstanding would make it unfinished business. A recovery may be underway, and this afternoon's upleg might be more productive before retracing 3284.25. Its retracement would also be vulnerable to extending into a deeper downleg.

Gapping up Tuesday didn't trend up through the open, so the lack of upside traction from Monday afternoon wasn't going to extend Tuesday morning. Choppy flat-to-lower ranging down to 3258.75 through the morning and noon hour suddenly launched a rally up to 3309.50 through the close. Unfinished business was left outstanding at the morning's 3258.75 oversold RSIs, and at the afternoon's no-bias trending above 3284.25. Trending contrary to the bias signal is unusual, but it requires being retraced. The setup was very useful for relying on Tuesday's dip to 3258.75 recovering to at least 3277.75 bias-up signal. Trending contrary to the bias signal twice in one session is highly unusual, let alone in the opposite direction as earlier. Unfinished business at 3284.25 can be neutralized overnight. It can also be broken on the way to neutralizing unfinished business at Tuesday morning's 3258.75 low, if not also at Monday morning's 3217.75 low and lower. Like Monday, Tuesday afternoon's buyers gained no traction for their effort. Trending higher Wednesday morning requires gapping up and trending up through the morning. Higher prior lows at 3323.00 might interrupt the potential for extending to 3341.00-3343.00. 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 3311.00 signal would target 3323.00. BIAS-DOWN: under 3293.50 signal would target 3284.25. NO-BIAS: between both signals. WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3322.50 3311.00 ...would target 3334.50 3323.00 Bias-down: under 3305.00 3293.50 ...would target 3295.75 3284.25 Signal status: LATE NO-BIAS, TESTED BOTH BIAS SIGNALS . BIAS VIDEOS... INTRO // EXAMPLE