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

Through the prior close... (summary of last Market Wrap) Strong-handed sponsorship for a durable reversal down is unlikely while the potential for stimulus or tax cut looms large. Or, until it is abandoned, which doesn't seem likely. The perfect storm of that anticipation, no downside momentum, and hope springing eternal, all combined to produce Monday 's record-setting rally. It retraced 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of the drop from February's highs, natural resistance that was being tested at the 3089.50 close. Buyers gained no traction for their effort, having been range bound through each afternoon window. "Unfinished business" was left outstanding at 2980.00, which obviously is not a deal killer for preventing the rally from extending. Overnight action's new info... (nearby chart is last intraday session and Globex) Globex has ranged like most other normal overnight sessions, although overnight normal sessions don't have a 55-point range. Futures had slipped back down from its late 3093.25 high to 3065.00 before the Globex open. And 3065.00-3093.25 has largely been the overnight range while Globex ranged sideways. The exception was a brief midnight dip down to 3045.50, which recovered into Europe's opens and extended back to the range's upper-end. If, then... (notes to accompany the Tour recording) JOIN ME AT 5:00 PM ET FOR A SPECIAL WORKSHOP: Especially recommended for newer members, I encourage everyone's attendance (or to watch the recording that will be made available). A brief overview of the 2 basics behind the intraday signals -- Tests and Timing Windows -- will be followed by their application to Bias Parameters and trading tactics... Almost any post-open probe above Monday's 3093.00 high can extend Monday's rally. But still only overlapping Thursday's 3088.00-3095.00 "higher prior lows" and prior highs this near the open undermines the potential for extending another 100 points up to 3188.00-3195.00. An obligatory probe higher would encounter difficulty at 3135.00 that could launch at least a correction of Monday's rally while awaiting the hypothetical intervention announcement. Back under 3025.00 would start to signal Monday's retracement already underway. Meanwhile, a Sideways Globex setup may be forming, which I discuss during the Tour. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 3098.00 would be likely to trigger the 3095.00 bias-up signal at 10:15. Exiting the open under 3088.00 would be unlikely to trigger bias-up. Exiting the open at 9:15 above 3081.00 would be unlikely to trigger the 3075.50 bias-down signal at 10:15. Exiting the open under 3069.00 would be likely to trigger bias-down.

JOIN ME AT 5:00 PM ET FOR A SPECIAL WORKSHOP: Especially recommended for newer members, I encourage everyone's attendance (or to watch the recording that will be made available). A brief overview of the 2 basics behind the intraday signals -- Tests and Timing Windows -- will be followed by their application to Bias Parameters and trading tactics... noN-bias means there is not a bias requirement. None of the bias parameters requires being tested or holding if tested. And why not. Overnight only ranged sideways, and the 3093.50 open was still overlapping yesterday's 3089.50 cash session close essentially unchanged.

Even after surging 90 points in reaction to a Fed rate cut, its 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement nearly filled the gap back down to yesterday's 3065.00 futures settle.

As expected, any intervention announcement would trigger an initially favorable knee-jerk reaction up. It immediately tested the next higher target at 3135.00 by 2 points. And now that the intervention is history, the recovery is searching for another catalyst to resume its rally. Good luck with that. The surge's reaction fell back down well under prior highs, and its recovery attempt is now threatening the same. Exiting the bias environment back under 3077.00 would start to suggest the session ends the day much more bearishly. Back above 3113.00 would at least target the earlier high's retest. And it would suggest another bullish catalyst has been found, perhaps able to sponsor extending the recovery to 3188.00-3195.00. But still only as a corrective rally, and not yet signaling a more substantial recovery or detour from new lows.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3090.00 3088.00 ...would target 3105.00 3103.00 Bias-down: under 3045.00 3043.00 ...would target 3027.00 3025.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . 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.

And critical support is failing. JOIN ME AT 5:00 PM ET FOR A SPECIAL WORKSHOP: Especially recommended for newer members, I encourage everyone’s attendance (or to watch the recording that will be made available). A brief overview of the 2 basics behind the intraday signals — Tests and Timing Windows — will be followed by their application to Bias Parameters and trading tactics…  The corrective bounce's 3135.00 target was met in the worst possible ways, during the knee-jerk reaction to a headline. That's not strong-handed sponsorship, which has helped the rest of my scenario play out: Reversing down quickly retraced yesterday's rally down to its 3025.00 objective. And now the bias environment exit has maintained its break under 3077.00. Even without extending down already out of the noon hour to 3008.00, sellers already signaled they're regaining control. The test of 3011.00 fresh lows is bouncing to attack 3033.00. But it remains vulnerable to resolving down, if not likely because this is still a bias-own environment.

Overnight ranging was still pretty wide at 55 points. But it didn't probe the 3088.00-3095.00 resistance that had finally contained Monday's rally. Some sort of higher high was likely if the overnight wasn't already reversing down. And anyway, reversing down wasn't likely while there was expectation for some Central Bank intervention. So, higher highs were likely only to test 3135.00. Fed cut rates soon after the first half-hour had dipped from 3096.00 to 3047.00. An initially favorable knee-jerk reaction was obligatory, and it exploded up to 3137.00. Also likely was that shifting the news into the rear view mirror would leave the recovery without a catalyst. In fact, the market began trending down through overnight lows and to the afternoon bias environment's 2973.00 low. A bounce to 3040.00 ended around 3000.00. Resuming Tuesday's decline under Tuesday's low could extend to Friday's 2913.50 last-minute buy signal. That's where the recovery essentially began, and there's no bullish reason to revisit it. Rejecting Tuesday's decline could extend the recovery to 3188.00-3195.00, for another chance to resume the decline. 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.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3009.25 3007.25 ...would target 3020.00 3018.00 Bias-down: under 2985.75 2983.75 ...would target 2973.00 2971.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . 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.