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) Trend extremes aren't associated with holiday weekends. More so, rallying through the 3-day weekend into Monday's night's 3959.25 high formed a Globex trend extreme that requires intraday retest. Tuesday left it outstanding by trending back down into the open. Correcting 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of Friday's late surge down to 3919.00 bottomed upon entering the noon hour. Its reaction up to 3936.50 peaked upon exiting the bias window. Backing-and-filling into the 3927.00 cash session close finished slightly negative from Friday. Overnight action's new info... (nearby chart is last intraday session and Globex) Wide swings, but no net movement. Globex initially slid 5-6 points under yesterday's lows to 3913.00. Reversing back up probed 5-6 points into positive territory to test 3932.00 through midnight. Which was reversed again through Europe's opens back down to 3916.50 and then back to overnight highs. That contained the volatility again, but price is back to unchanged. If, then... (notes to accompany the Tour recording) Both bias signals have defined the overnight range, but multiple wide swings suggest the morning will try trending, too. Perhaps more significantly in either direction. But probably from equilibrium that triggers complete retracements and reversals before retracing and reversing again. Probably not back up to yesterday's unfinished business at 3943.00 and 3959.25 -- not without gapping up this morning above overnight highs. That said, exiting the open above the 3931.00 earlier Globex high could at least be bullish for the morning. Bias Parameters... (linked here)

Offensive defense. Fresh lows through the 3907.50 open got to 3896.50, and reacted up sharply to attack 3921.00. Late bias-down triggered anyway, and now its 3904.25 bias-down target is reacting up, too. Not reacting up as sharply. This is still a bias-down window. The 3918.50 bias-down signal can be tested as resistance, perhaps even probed up to 3923.00. No further downside is required, and rallying out of the bias window could rally out of the noon hour, too. But the muted or pessimistic reactions to favorable earnings surprises like SHOP and WIX suggests overly discounted optimism needs correcting. Resuming the decline would next target 3881.00.

WED P.M. BIAS

At 1:20 the P.M. BIAS is noN-BIAS, TESTED BIAS-UP SIGNAL BIAS-UP: above 3917.75 signal would target 3925.25. BIAS-DOWN: under 3900.50 signal would target 3893.50. NO-BIAS: between both signals.

Not out of the woods. The morning bias window started lapsing at 3898.00, down from the morning's 3920.50 high. Bouncing through the noon hour was still overlapping this afternoon's 3917.75 bias-up signal at both 1:20 and 1:30 to trigger noN-bias. Not bias-up, which would have a higher target in-play. Not no-bias, which would likely have leaked for the hour. But noN-bias. noN-bias often performs like no-bias and holds resistance for the hour. Then it often resumes its bounce. Probing higher prematurely would be credible for extending, and not no-bias trending required to fail. Back under 3914.00 would have little downside limitation, and could probe fresh session lows at 3894.00. Probing above 3921.00 at any time would be credible for extending higher, perhaps through the close and into tomorrow.

Flat-to-lower ranging began breaking lower 60-90 minutes before Wednesday's open, sliding through the open from 3930.50 down to 3896.50. The timing wasn't optimal for a late-am-break setup, but reacted anyway back into the earlier range. Attacking earlier lows ended in time to rally through the noon hour, and then almost through the close to within 2 ticks of 3930.50. A lot of buying pressure was expended just to close Wednesday within 1 point of Tuesday's 3927.00 cash session close. No relevant resistance was recovered, let alone the pre-open slide's origin. A sub-optimal PM Traction setup allows a Thursday morning rally without gapping up. But gapping up would be more credible for rallying Thursday morning. Their reward would be new highs. Otherwise, sellers regaining control through the open would likely retest Wednesday's lows down to 3894.00, if not lower down to 3881.00. 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].

THU A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED BIAS-UP: above 3933.00 signal would target 3943.00. BIAS-DOWN: under 3919.75 signal would target 3911.00. NO-BIAS: between both signals.