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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... This Tuesday's reaction to the latest N. Korea missile was decidedly different than last Tuesday. Post-open action didn't rally, and overnight lows were probed. At least recovering to close back above the 2460.25-2461.25 overnight lows could have isolated intraday sellers, but they proved too strong-handed. And that was despite having trended up since exiting the noon hour off of 2445.50. An uptrend that nearly fulfilled an attraction to "higher prior lows" at 2461.00. Overnight action's new info... Extending after the cash session close came within 2 tick of 2461.00, and its reaction slid to 2456.50. Recovering to fresh highs through Europe's opens extended to 2463.25, which also reacted down to 2456.50. Now 2461.00 resistance is being retested. If, then... If Tuesday morning's drop had satisfied selling pressure, then the session would have closed above a relevant level. It didn't. Sunday night's 2460.25-2461.25 lows were higher, and Wednesday's 2460.00 prior highs were only overlapped, and not until the final minute(s). So, the market has 2-3 choices -- down, down, or up. Flat like the overnight range isn't likely to be repeated intraday. Reversing down this morning is likely, whether to extend the decline, or to try forming a better base for launching a recovery. Extending up would be credible if begun by gapping open above relevant resistance, which is essentially this morning's 2466.75 bias-up target. Only triggering the 2461.00 bias-up signal would be suspicious. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2464.00 would be likely to trigger the 2461.00 bias-up signal at 10:15. Exiting the open under 2459.00 would be unlikely to trigger bias-up. Phonetic dictation... good morning and welcome it is Tuesday at Stanford Tuesday's Morning Market or hope everyone had a good weekend couple know well maybe one down here at the top Adobe is pushing some sort of a product release or upgrade or update I'm singing notification of it and I'm sure you are too whether you are or not I will have more information on that in the next couple of days it looks like it's something that we have to implement by the end of the week so I'll be on that and let you know the market so Friday I made a couple comments at the close comment one was Monday's holidays really a company to buy significant price action by significant okay so it's also rarely accompanied by a North Korean missile launch but that's what it took to get some significant price action which was a tremendous cab down Sunday night notice the influence of a couple things here number one was that the recovery really through Monday morning Monday or Monday at 1 is when the holiday session closed this is that down trending resistance that we've been tracking down trending pivotal resistance off the pivotal High bisecting the actual High through the key High it was influential on Thursday to Thursday when is it was influential last week Thursday on Friday afternoon and last Tuesday nights reaction also remained Under Pressure until the open and we expected that to hold in the launcher rally and it did big of a rally as was possible but still being within the context of just a temporary correction what's to prevent last night or Sunday nights reaction and extension through Monday and last night from also launching a recovering couple things but they're not decisive first of all last week's drop as I described or last week's plunge was able to accelerate and complete a correction that was underway this week is hitting a vulnerability this week is hitting the market that was vulnerable because it's rally had extended literally expended all available buying pressure without yet proving it was anything more than a temporary correction and higher would have been more than a little correct or more than a temporary correction and would have been able to tell us decisively today this plunge going to be recovered we don't have that that luxury today last week's High came right into that sweet spot avoiding the pivotal Heidi actual High being in August the pivotal I haven't printed that is what was the actual High until being exceeded the pivotal High 2480 50 being attacked but avoided on Friday touching that would have all been insured new rally leg underway will end of the 2500 handle so that sweet spot basically made the market vulnerable to reaction down another difference just to point out that might actually counter-intuitively prevent or inhibitor recovery is that last week's reaction down was about 21 or 22 points last night's reaction was a little tamer little less substantial so which is it is the market conditioned to accept it has the market been conditioned to accept a nuclear North Korea which seems to be the political effort underway and so they'll just sell off and I need your pavlovian conditioning reaction expecting a recovery or with another missile being reported on already working its way to the launch pad and presumably about to be triggered itself there for a bad to produce another plunge shallower as it may be or whatever just waiting for that may be inhibiting a recovering so it's going to be tough to produce a recovery if everybody's looking for another launch which last week wasn't so much the case last week there wasn't anything out there that was suggesting anything impending and nothing was intended and it didn't come in till the weekend and now there is something in pending and that may prove that made turn the market more into sellers of strength as opposed to buying this plunge for the purpose of resuming the rally bottom line is I keep an eye on this down training resistance it'll be displayed on the three minute chart on the left we'll see where we open right now we're trading 69 69 is this morning's biosignals support until it's broken to break through testing resistance testing and and there's not a lot of support here back to Thursdays lose because Thursday's we test of its opening low as chipped away at its support already this kind of an air pocket there so even though 2464 what 2464 is the bias down Target anything lower really doesn't have much it looks like there's some blue Kotori support their of course but it's been tested and retested so not a lot of reliability for preventing and deeper dip and we start falling off the cliff here we've got those ahead on Wednesday Tuesday night and Gap Town on Wednesday and reporting that Sunday night's Gap up to 3953 940 be tested but as deep of or is extracted as this range this congestion is Ben I do think we're even in the most bearish scenario going to have to test the actual eyes and then reverse down before having any degree of confidence that a new down like is underway Long Pond little jump that it needed from haven't closed under at least overlapping if not closing under this pull-back limit range so gapping up helps to reject the clothes under it to the degree that was a close under it and not still overlapping it but we still have unfinished business of the Gap up above all prize actually not above the prior rally some overlap hear the dees doesn't really displayed as well as up that you can see the so on the way to  .

Bias-up target met, held. Like the first overnight dip to 2457.50, the second dip was recovered to a higher high, greeting the open at 2465.00. Overnight choppiness has persisted post-open. A couple of probes higher have reacted back down under the open. The second post-open probe pierced the 2466.75 bias-up target by 1 tick. Its reaction down attacked the 2461.00 bias-up signal to within 1 tick. This is a bias-up environment, whose target has been met. Already having met and reacted down from the bias-up target, its resistance tends to hold through the morning. It's not required. Meanwhile, the bias-up signal should define the morning's lower-end if tested as support. Probing under it would be required to retrace. So, post-open buyers quickly satisfied buying pressure and aren't indicating they'll gain traction for the effort. That's similar to yesterday afternoon's buyers. Neither setup prevents extending higher anyway, but not reliably, and the door remains open to launching another downleg.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2466.25 2465.50 ...would target  2471.25  2470.75 Bias-down: under  2458.00  2457.50 ...would target  2452.75  2452.00 Signal status: noN-BIAS, STILL TESTING BIAS SIGNAL FAQ INTRO VIDEOS #1 and #2 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.

Hovering at pre-open highs. This morning's bias-up environment was triggered after having tested its 2466.75 bias-up target. Reacting down only attacked its 2461.00 bias-up signal by 10:30. It was probed under 2459.00 -- twice. But it was too late to trend down, since the bias-up signal must define the bias-up environment's lower-end. So, 2461.00 was recovered while the bias environment lapsed. And the recovery extended through the noon hour, attacking the morning's highs. But this afternoon's bias parameter triggered noN-bias. The 2465.50 bias-up signal was still being overlapped at both 1:20 AND 1:30. This is not a bias-up environment with a bias-up target in-play, or a no-bias environment required to hold the bias-up signal. Having said that, noN-bias environments often behave like no-bias and hold the bias signal. More so, hovering at the bias signal often breaks through it when the bias environment begins lapsing. But dipping back under 2463.50 would start to signal a retest of this morning's lows underway.

Wednesday's "inside day" was biased-upward, which often means that its buyers are weak-handed. They can still be productive, if only temporarily. But their rallies aren't likely to gain traction. Wednesday's rally didn't gain traction. The open's test of 2466.75 resistance -- the morning's bias-up target -- was probed in the afternoon, but held through the close. So, buyers accomplished little. Gapping up Thursday and extending higher could serve by proxy as if Wednesday's close were stronger. The ECB meeting is not an inappropriate catalyst. Catalysts can cut either way, and a negative reaction would be likelier to trend down. 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  2469.75 2469.00 ...would target  2475.25  2474.75 Bias-down: under  2461.50  2461.00 ...would target 2454.75  2454.00 Signal status: noN-BIAS, STILL TESTING BIAS-DOWN SIGNAL FAQ INTRO VIDEOS #1 and #2 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.