Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s) o Win XP-Friendly entry o non-xp friendly (ilinc) (pre-open Market Tour begins at 8:55 ET)

Through the prior close... Tuesday's gap down was likely to be absorbed and reversed since Monday's rally had gained traction. The balance of the morning trended back up through Monday's high to fulfill the reward owed to Monday's rally. The afternoon's trended higher still. Its reaction down into the close held the noon hour's range. Overnight action's new info... Choppy sideways action has avoided negative territory. So far, it has formed an Ascending Triangle. As we discussed during the Wrap, rallying out of the prior two overnight pullbacks had likely conditioned the market not to allow another overnight pullback. If, then... Also discussed during the Wrap was the resulting vulnerability of being conditioned to buy impatiently. Tuesday's high held a relevant target, satisfying a lot of buying pressure. No traction was gained for the rally's efforts, so no further reward is owed it. New highs are in-play, entrenching the uptrend, which often allows the rally to rest. By the way, a lot of Fed speakers are scheduled today, and they're probably not going to be whispering sweet nothings into the rally's ear. Overbought RSIs at Tuesday's high requiring an eventual retest might help to resume the rally Wednesday morning, but its attraction can be neutralized quickly. First Trade... Exiting the open at 9:45 above 2110.25 would be likely also to trigger the 2106.75 bias-up signal at 10:15. Exiting the open under 2101.50 would be unlikely to trigger bias-up.

Overnight pullback was only delayed. There were two bullish scenarios coming into the open. One would have rallied immediately. Popping up a couple of points from 2106.00 -- twice -- never extended any higher than the first 3 minutes. The second bullish scenario may be playing out. That's to hold a test of the 2099.00 bias-down signal through 10:15, putting into play an offsetting test of the 2106.75 bias-up signal. In fact, 2099.00 has held a test, and a retest while 1-minute RSI diverged positively. Bouncing from the low tested 2103.00. Reacting down several points has still avoided triggering bias-down at 10:15. This is  a no-bias environment. Having held a test of the bias-down signal, and offsetting test of the bias-up signal is in-play. Breaking under 2099.00 at 10:30 would invalidate the signal that triggered at 10:15. Just touching 2099.00 within 3 minutes of 10:15 would invoke the grace period through 10:30.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2110.75  2104.25 ...would target  2117.50  2111.00 Bias-down: under  2100.00 2093.50 ...would target  2094.75  2088.25 Signal status: BIAS-DOWN 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.

No-bias, no-bias trending, and trapping weak-handed shorts. The open's test of the 2099.00 bias-down signal held, triggering no-bias at 10:15. An offsetting test of the 2106.75 bias-up signal was put into play -- but not as a requirement, since it had been tested already at the open. A bounce only tested 2105.00 before dipping back to the lows. And through them to the morning's 2093.50 bias-down target. Being a no-bias environment, that was "no-bias trending," requiring its retracement back up to the 2099.00 bias-down signal. Its attraction above has been neutralized. But not recovered.

Even if we knew with 100{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} certainty that this morning's sellers were weak-handed, we would not be assured of when or where a recovery would begin. And we do know this morning's sellers were weak-handed, holding the bias-down signal instead of triggering it, probing under it later and still recovering.

But we don't know that with 100{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} certainty, or if the entrenched rally intends to rest on its laurels more deeply before recovering. Unless bias-up is triggered, lower lows may yet be probed.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2107.50 2101.00 ...would target  2113.50  2107.00 Bias-down: under  2096.25  2089.75 ...would target 2091.25  2084.75 Signal status: NO-BIAS, TESTED BIAS-UP 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.

The afternoon bias environment's bounce failed to invalidate its 2088.25 bias-down target. Not for lack of trying. Each successively higher requirement was challenged -- 2093.50, 2097.25, 2100.50 -- but not recovered through a relevant timing window. The balance of the session ranged flat-to-lower. 2088.25 can be met overnight, and Thursday's open can be greeted in recovery mode. Overbought RSIs at Tuesday's 2110.25 high still require a retest, probably up to 2113.00 or 2117.00. Or higher, having pulled back already on Wednesday instead of first neutralizing the attraction above. Regardless of the overnight low, not gapping up would suggest Wednesday's pullback is bleeding into Thursday. The rally has entrenched its objective at new highs, and shouldn't close under 2088.00 more than once, if at all. Details and other markets coverage are discussed in the post-market Wrap recording here: https://roddavid10.mitel-nhwc.com/join/vsxptxp

This evening, monitor overnight Globex trading in the chaRTroom at: non-xp ilinc