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) Already gapping down 61 points from Tuesday's 3382.00 cash session close, Wednesday morning extended down another 46 points to its 3275.00 low. Only ranging around the morning's low through the balance of the session forms a gap-and-pause setup. Ranging sideways through the afternoon completed the setup, only bouncing to 3303.00 and 3298.00. The final minutes slid to 3261.00. Overnight action's new info... (nearby chart is last intraday session and Globex) The last-minute slide was reversed immediately, greeting the Globex open back above yesterday morning's lows at 3279.00. Rallying back up to yesterday afternoon's highs then surged briefly to attack 3311.00 into and out of Europe's opens, its reversal now retesting yesterday morning's lows down to 3274.00. If, then... (notes to accompany the Tour recording) [PROGRAMMING NOTE: I'm away from the screens for the last 2 hours today.] Wednesday's late break down to 3261.00 doesn't invalidate the gap-and-pause setup. But the overnight rally can fulfill the setup's expected bounce reaction. An intraday bounce would be optimal, so the session backs-and-fills, probably into late-afternoon if not also through tomorrow morning. The pattern is still likely to extend down further, whether only shallowly to form a bottom as early as 3258.75 or 3250.50, or back into (and possibly through) June's complex Ascending Triangle. Trending through the first 15 minutes and the bias signal should be predictive for this morning's resolution. Afternoon action might be influenced by a quartet of high-profile Tech earnings from AAPL, AMZN, FB, and GOOGL. Although, it wouldn't be surprising for a late theme to develop that drives buying/selling, expecting their earnings to be good/bad. Meanwhile, today's earnings calendar is quite full already. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3288.00 would be likely to trigger the 3284.25 bias-up signal. Exiting the open under 3277.00 would be unlikely to trigger bias-up.

Bullish opening thrust setup takes out bias-up signal. The overnight attack on 3311.00 continued reversing down to test 3256.00. Opening almost unchanged from yesterday's 3267.00 close blipped-up to 3276.50. But the first 15 minutes still reversed back down to fresh lows at 3250.25.

3258.75 and 3250.50, the decline's next lower objectives, were satisfied.

The first 15 minutes tested at least yesterday's 3260.50 prior low to qualify as an opening thrust. The window was exited under that structural reference point, creating an opportunity for sellers to take control.

But only if buyers didn't isolate them.

Just recovering 3260.50 at 10:00 would begin suggesting the opening thrust had failed. But also recovering the first 15 minutes 3276.50 high at 10:00 signaled momentum reversing up. The 10:30 window has now confirmed. Meanwhile, the 3284.25 bias-up signal was touched too late to invoke the grace period. So recovering it was too late to trigger bias-up. But recovering it through 10:30 did invalidate whatever had triggered cleanly at 10:15. All of which is consistent with today likely being the bounce day following yesterday's gap-and-pause. The setup suggests backing-and-filling today before resuming the decline tomorrow. Sellers aren't necessarily marginalized, but downlegs today are less likely to resume the decline.

THU P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3297.25 signal would target 3311.75. BIAS-DOWN: under 3276.00 signal would target 3267.00. NO-BIAS: between both signals. THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3306.25 3297.25 ...would target 3320.75 3311.75 Bias-down: under 3284.75 3276.00 ...would target 3275.75 3267.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

REMINDER: I'm away from the screens during the final 2 hours -- so, no Market Wrap until this evening. The backing-and-filling day is still developing. Its influence invalidated this morning's no-bias signaled under 3284.25 to reach 3298.00. Now this afternoon's no-bias is being ignored to attack 3304.00. Anything above the bias-up signal is no-bias trending that requires being retraced to 3297.25, or even 10 points lower where no-bias was triggered. Which should be done naturally anyway when ultimately reversing the bounce as expected. No particular upside objective is in-play, although there is potential to attack the bias-up target above 3311.00, if not also probe it up to 3321.00. The primary goal of backing-and-filling is not to rally, but only to avoid declining. Not until late-afternoon, or Friday. The bounce otherwise remains in control so long as pullbacks hold a 3280.00 handle.

Wednesday's gap-and-pause setup had made Thursday likely to bounce before resuming the decline on Friday. An overnight bounce to 3311.00 was reversed back under Wednesday's low to 3256.00 at Thursday's open, forming an opening thrust setup that resolved bullish. Its reaction rallied to 3334.00 despite being no-bias trending above the 3297.25 bias-up signal. Its required retracement began with the last 60-90 minutes, extending down to 3294.00. Along with its no-bias environment, the afternoon rally also ignored the usual sideways ranging ahead of weighty events. But we had discussed potential for trending -- in either direction -- in hopes/fear of the post-close earnings quartet saving/dooming the week's decline. Optimism springs eternal, which can be bearish from a contrarian perspective. Anyway, the gap-and-pause sequence already had suggested the day's bounce could start reversing when the bias environment began lapsing. Earlier, the gap-and-pause sequence had suggested the day would bounce, making the initial dip likely to recovery. Now the setup expects the decline to resume Friday. Post-close earnings has already driven price down to 3264.00. Next lower objectives are the 3220.00 and 3200.00 areas. Otherwise, gapping open above Thursday's 3334.00 high could form a session-long setup. 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].

FRI A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3215.50 signal would target 3230.50. BIAS-DOWN: under 3287.00 signal would target 3275.00. NO-BIAS: between both signals. FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3323.50 3315.50 ...would target 3338.50 3330.50 Bias-down: under 3295.50 3287.00 ...would target 3293.50 3275.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE