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... Tuesday's open was greeted by a relentless overnight rally. Monday's 2906.00 high was probed pre-open by 2 points, requiring its recovery through the open to trigger a "session-long rally." But probing it up to 2911.50 was reversed down sharply through the open. So, the setup became as bearish as it would have been bullish, trending all the way back down into Friday afternoon's range to 2879.25 as the noon hour ended. The bias environment's bounce touched the lower end of 2892.00-2894.00 resistance, which held as resistance again -- and from a higher level -- to signal again that upside momentum has peaked. The cash session ended flat with Monday's 2886.75 close, where lower would have been even more bearish. But the afternoon consolidation and the outside day left no "unfinished business" above. Overnight action's new info... Choppy sideways ranging defined price action through midnight as price bounced between its bias 2884.00-2890.00 signals. The range's lower-end soon began breaking soon, greeting Europe's opens under yesterday's low at 2877.50. Reacting up 7 points held a test of the 2884.00 bias-down signal's resistance, reversing down to probe more than 1 point under the 2876.50 bias-down target. Reacting up again 7 points is back above yesterday's low, again. If, then... (notes to accompany the Tour recording) Backing-and-filling had already run its course through Tuesday afternoon's consolidation. But for the possibility of shallow overnight strength to wait for intraday sponsorship, there would be little excuse not extend down without delay Wednesday. There's a bit of compromise between waiting for the intraday by at least having delayed fresh lows until Europe's opens, and also to still be only fluctuating around yesterday's low. None of which yet confirms the decline will resume this morning, or even attempt to resume. Absorbing a fresh low through the open, or finding another pocket of misplaced optimism, could produce another bounce -- albeit shallower than Monday morning or Monday night. Anything under 2892.00-2894.00 remains vulnerable to resuming the decline. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2881.50 would be likely to trigger the 2884.00 bias-down signal at 10:15. Exiting the open above 2887.50 would be unlikely to trigger the bias-down signal.

Open's blip-up falls flat. The overnight low's test of the 2876.50 bias-down target had recovered to open at the 2884.00 bias-down signal. Spiking up to within 1 tick of the 2890.00 bias-up signal reacted down as quickly, attacking 2881.00. That dip was recovered almost entirely before failing again. So far, down to 2877.50. The 2884.00 bias-down signal triggered late. Its 2876.50 bias-down target is in-play. Being a bias-down environment, the target's support need not be durable, or even influential. Meanwhile, the path down may be choppy so long as legs are still overlapping yesterday's 2879.25 low. Like the temporary overnight dips, and now because of them, buyers may still be attracted. If tested, the 2884.00 bias-down signal should define the window's upper-end. In fact, the 2884.00 bias-down signal is being tested now. Room for noise above it extends to 2885.50 before suggesting a bigger bounce is forming. Meanwhile, back under 2881.25 would resume the decline.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2881.50 2882.00 ...would target 2887.50 2888.00 Bias-down: under 2873.75 2874.25 ...would target 2868.00 2868.50 Signal status: NO-BIAS, TESTED BIAS-UP 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.

Still attracted to yesterday's low. Attacking this morning's 2890.00 bias-up signal and triggering the 2884.00 bias-down signal had put into play the 2876.50 bias-down target. It hadn't been met when the bias environment began lapsing at 11:30, but it was tested by noon. And retested just after noon, too. A China trade headline and Trump Q&A helped to rally through the noon hour up to 2883.00. Another tick higher would have started signaling something bigger underway, but it held. As did the afternoon's 2882.00 bias-up signal. This is a no-bias environment. Holding a test of its bias-up signal doesn't require testing the bias-down signal, which would be required by the same setup in the morning. But the 2882.00 bias-up signal should define the window's upper-end if tested. And its bias-down signal should define the lower-end -- if tested. The bias-down signal doesn't require being tested. Nothing lower requires being tested. Another bounce remains possible. Nevertheless, nothing undermines the credibility of a sell signal once triggered, having potential to extend the decline.

Fluctuating throughout the Wednesday around Tuesday's 2879.25 low raises the question: Was that bottoming and accumulation, or chipping away at support and trapping longs? It wasn't much of either, not in so narrow of a range. There are more things that Wednesday was not. It was not trending, nor was it counter-trending. Except for the open's blip-up and its retest minutes later, the relatively narrow ranging began overnight and persisted through the day. The longer that sideways ranging doesn't resolve, the likelier that its first resolution attempt is false. A false break higher has room up to 2888.00 before suggesting something more substantial is underway, even if only temporary. Fresh lows could test 2869.25 while still being tethered to Wednesday's narrow range. An even wider range of noise at 2863.00-2894.00 would still be a challenge before being confident that trending is underway. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2885.00 2885.25 ...would target 2891.75 2892.00 Bias-down: under 2874.25 2874.75 ...would target 2868.00 2868.50 Signal status: BIAS-UP, BIAS-UP TARGET MET . 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.