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 night's initial blip-up to 3913.25 doesn't require retest. It was almost retraced at Tuesday afternoon's 3912.50 highs, bouncing from the open's 3895.00 low. Ultimately, Tuesday's session only ranged sideways. Overnight action's new info... (nearby chart is last intraday session and Globex) Consolidating through the earlier Globex range suddenly surged to fresh highs that extended up to the 3921.50 bias-up target, and consolidated there through midnight. Suddenly surging again to 3924.00 into Europe's opens was soon retraced back into the earlier range. Complexity on the way up formed complexity to qualify as a Globex trend extreme. If, then... (notes to accompany the Tour recording) Confirming Monday's close above 3884.00 by not being rejecting it is not a timing tool. Similarly, already probing higher overnight doesn't ensure extending higher intraday. Overnight highs will have stretched the rubber band to snap back down if already retraced into the open, regardless of its Globex trend extreme requiring eventual intraday retest. Even just gapping up would be vulnerable to snapping back down, although less so if the gap up were extended higher through the open to be credible for trending up through the morning. An interim pullback would help to refuel for the rally's next 3977.00 target, still potentially down to 3827.00-3833.00, but it's not required. Bias Parameters... (linked here)

And already tested both bias-down parameters. Even before surging to another new high at 3928.50 on CPI data, this morning's bearish scenario was expected to snap back down from the overnight rubber band stretch. More so than its higher high, the higher high's proximity to the open made it less stable. Weakening into and out of the 3924.50 open has extended down relentlessly. Eventually aggressively. And now substantially, probing under yesterday's lows to attack 3878.00. Rejecting tests of both 3912.75 and 3921.50 bias-up parameters put into play offsetting tests of both 3896.50 and 3884.25 bias-down parameters. They're already met. Regardless of being probed, the bias-down target is only overlapped. A 5-stage pattern formed along the way that is now troughing in its 5th stage. Bouncing would target at least 3900.50, if not also 3911.00, while still being vulnerable to resolving down.

WED P.M. BIAS

At 1:20 the P.M. BIAS is NO-BIAS BIAS-UP: above 3908.75 signal would target 3917.75. BIAS-DOWN: under 3892.00 signal would target 3882.50. NO-BIAS: between both signals.

Still stunned from morning slide. The reaction down from the 3928.50 pre-open high ultimately attacked 3878.00. Reacting up from its targets retraced the downleg back to within yesterday's range, which is still being tested up to 3904.50. The reaction up was essentially done before the bias window began lapsing, and hasn't improved since. Ranging sideways through the noon hour is stability, but sudden stability in a slide is not strength. The morning bias window exit and now also afternoon bias window entry have been too shallow to suggest this morning's selling was isolated. A retest of the morning's low wouldn't be surprising, now would extending it into a new downleg. A bigger bounce is possible, but would be only a bounce if not recovering yesterday's 3910.00 highs through a relevant window.

Extending the rally overnight up to 3928.50 formed a Globex trend extreme requiring intraday retest. The 3924.50 gap above all prior highs requires being filled from below. Both remained outstanding as the bearish template developed by plunging to attack 3878.00. Gradually rallying formed PM Traction up to 3914.50 before dipping into the close. Rejecting both of the morning's bias-up parameters put into play tests of both bias-down parameters. Their test defined the low. Also being tested was 3884.00, whose consecutive recoveries already indicates the rally's next target at 3977.00 is in-play. The question to be answered Thursday is whether the rally resumes before launching another downleg under Wednesday's low. A deeper, constructive pullback would still be likely to test 3827.00-3833.00 lower prior highs from last week's shallow pullback day. Extending higher already Thursday could be productive, before failing miserably. 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 noN-BIAS, STILL TESTING BIAS-UP SIGNAL BIAS-UP: above 3912.75 signal would target 3921.50. BIAS-DOWN: under 3898.75 signal would target 3887.50. NO-BIAS: between both signals.