Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE First, watch the pre-open Tour recording HERE <<== Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close... Already probing fresh lows Sunday night, Monday's session developed overwhelmingly in negative territory. The overnight attacks on 2790.00 were repeated Monday morning and and Monday afternoon. Between overnight and intraday dips, 2-3 drops and recoveries represent 2-3 accumulative efforts. None of which ended above a relevant resistance, holding tests of Sunday night's 2813.00 open in the morning, and the last 60-90 minutes bouncing to test Friday's 2806.00 close. The last bounce was the consequence of no-bias trending that expended maximum selling pressure without gaining traction for the effort. The reaction up rescued the session from collapsing to fresh lows. Overnight action's new info... Monday's late bounce extended higher almost uninterrupted to retest Monday morning's highs, coming within 1 tick of this morning's 2817.25 bias-up target by midnight. Reacting back down tested and retested 2809.50 before and after Europe's opens. The last reaction up has now extended to fresh highs at 2822.50. If, then... (notes to accompany the Tour recording) Gapping up Tuesday above relevant resistance like 2819.50 (being probed now up to 2822.50) could serve by proxy to trigger the recovery that Monday morning had twice attempted. Now having closed twice under the 2813.00-2819.50 prior lows, bouncing back above it wouldn't damage the decline's chart. Even then, recovering above 2830.75 would be a challenge. Whether testing higher resistance first, or just resuming the decline, the pattern remains likely to resolve down, and to extend. A bearish morning (and then day) is still possible, but requires reversing down soon to at least avoid triggering bias-up. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 2819.50 would be likely to exceed the 2817.25 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2813.00 would be likely at least to trigger the 2811.50 bias-up signal at 10:15.

Detour quickly tests its target. Having confirmed Friday's breakout with yesterday's lower close, bouncing is allowed without damaging the decline's chart. Otherwise called "backing-and-filling," the bounce allows strong-handed sellers to regain energy by allowing in weak-handed longs. The patience tends to be well-rewarded when the decline resumes. Meanwhile, the recovery can get carried away to the upside. The likely upside for today's backing-and-filling is 2830.75. It was met as the opening 15 minutes of volatility lapsed. Probing slightly higher to 2833.00 minutes later held a retest through the top of the hour. And the next half-hour has only ranged sideways. Reacting down has room to test 2825.25 before starting to signal  a more significant reversal. Anything shallower would be likely to resume the rally -- but probably only this morning or through the next timing window.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2823.50 2828.25 ...would target 2829.25 2834.00 Bias-down: under 2814.50 2819.50 ...would target 2807.25 2812.25 Signal status: INVALIDATED NO-BIAS, TESTED BIAS-DOWN SIGNAL . 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.

Morning's fresh highs largely retraced. The overnight rally had extended to attack 2824.00 where the open surged to the 2830.75 renewed bias-up target. A dip to 2825.25 support recovered momentarily to 2835.00, then reacted down into the bias environment lapsing.

And down to 2821.00 into the noon hour. And down to 2815.00 before the noon hour lapsed. Now down to 2813.00 as the afternoon bias environment begins.

That's a lot of selling pressure to be expended, and the market is still 7 points positive. Nothing prevents that from turning negative, or deeply negative -- today's bounce was going to be only a temporary detour before it even began. But it is difficult to expend that much selling pressure by this late in the day and still to remain in positive territory. This afternoon's no-bias signal was invalidated by breaking under the 2819.50 bias-down signal at 1:30. Support at 2811.25 is being attacked, and its break would start to suggest much bigger selling pressure is becoming visible. Exiting the bias environment back above 2819.50 would allow a bounce into the close.

Apparently, rallying overnight and then surging at Tuesday's open had a purpose -- to create room for expending selling pressure without yet resuming the decline. The session had potential for being corrective, since Monday had confirmed Friday's break under prior lows. The 2823.00 open had extended sharply to the morning's 2835.00 peak. Trending back down through the afternoon bias environment fell to 2808.50. Which is a lot of selling pressure to have expended until so late in the day, without yet probing back into negative territory. That became our focus in the chaRTroom, and the last 60-90 minutes bounced back up to the 2823.00 open. Closing unchanged from the open reflects an equilibrium session. Not to be confused with inert, as the session ranged considerably either way. But the 45-point rally from Monday afternoon's 2789.50 low was also a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement back to Thursday's 2863.00 high, which is natural resistance. Extending any higher would have potential to 2846.00 and possibly 2852.00. Meanwhile, already ending the correction and resuming the decline would simply target fresh lows, and probably in an aggressive manner. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2823.50 2828.25 ...would target 2831.50 2836.25 Bias-down: under 2812.50 2817.50 ...would target 2805.75 2810.75 Signal status: NO-BIAS, TESTED BOTH BIAS PARAMETERS . 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.