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) Still no resolution to the multi-session range. Tuesday's open was greeted flat with Monday's 3792.50 close. An early weak-handed dip met its target down to 3781.50, which was probed down to 3768.00 into the noon hour. Both dips bounced, but neither recovered a relevant resistance. And the afternoon only ranged choppily sideways before closing flat with the 3792.50 open. Overnight action's new info... (nearby chart is last intraday session and Globex) This morning's bias signals have largely restrained trending attempts in either direction. Tuesday afternoon's rally initially extended post-close to probe the morning's highs up to 3805.00 by midnight. But flat-to-lower ranging that persisted through Europe's opens has suddenly broken lower, now trying to hold 3779.00. If, then... (notes to accompany the Tour recording) The overnight range may be struggling to get free from unchanged, but two strenuous efforts have been made. Add that to this week's other observations that the multi-session range is fast-approaching an explosive resolution. So, still not trending last night to gap open today is surprising, but holding the bias-down signal's test this morning would at least keep open the potential for resolving up. Unfinished business above remains outstanding at another new high close above 3824.00. Any probing lower might find support at 3750.00-3757.00. Bias Parameters... (linked here)

Still glued to unchanged. Once again, opening around unchanged has made post-open trending difficult to begin. Monday and Tuesday's opens and closes -- and now also today's open -- were all five +/- 1 point around 3792.00. Surging up to 3797.50 was retraced quickly down to hover around the 3791.00 open. A quick plunge tested the 3783.50 bias-down signal and bounced. Holding the bias-down signal's post-open test has put into play an offsetting test of the 3803.50 bias-up signal. Fresh post-open highs are now confirming the bias. The bullish scenario would extend this bounce to test the bias-up signal, then break through it as the bias environment lapses -- or after absorbing a noon hour dip. Retracing back into negative territory wouldn't yet be necessarily bearish, but could develop bearishly.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3808.50 signal would target 3817.75. BIAS-DOWN: under 3788.00 signal would target 3781.00. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3816.50 3808.50 ...would target 3825.75 3817.75 Bias-down: under 3796.00 3788.00 ...would target 3789.00 3781.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Slow-playing the rally? Not gapping up prevented rallying this morning. The offsetting test of the morning's 3803.50 bias-up signal was fulfilled, but the no-bias window made it hold. Delaying a rally until this afternoon was likely just to back-and-fill during the noon hour. The noon hour low touched 3795.50. Its reaction has only attacked the afternoon 3808.50 bias-up signal to trigger no-bias again. Prematurely extending higher would be no-bias trending that requires being retraced. But extending higher after the bias window starts lapsing could launch an upleg, still likely to be explosive.

Two relatively sizeable intraday swings developed Wednesday, especially if including overnight ranging. Tuesday night's 3805.00 high was reversed down to 3776.50. Wednesday's recovery persisted through the afternoon bias window to its 3813.50 high. The balance of the session backed-and-filled down to 3801.00. The trending initiatives are impressive when considering Wednesday's open was within the same 2-point range around 3792.00 as contained Monday and Tuesday's opens and closes. The trending restraint is impressive when considering the attacks on either end of the week-old range's boundaries. The combination still suggests the range is busting at its seams to resolve, which is likely to be explosive. No new unfinished business was left outstanding, and the nearest upside attraction remains a new high close above 3824.00, while another downdraft could extend to 3757.00. 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-UP: above 3810.50 signal would target 3819.00. BIAS-DOWN: under 3800.25 signal would target 3792.75. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3818.50 3810.50 ...would target 3827.00 3819.00 Bias-down: under 3808.00 3800.25 ...would target 3800.00 3792.25 Signal status: LATE BIAS-UP . BIAS VIDEOS... INTRO // EXAMPLE