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 foreshadowed the session, and not just for ignoring several recovery opportunities. Its 5-point gap up first extended higher, and was soon reversing down on its way to fresh lows. The pattern repeated intraday, recovering again to fresh session highs well before noon. The balance of the session trended back down to retest the morning's lows, which held through the close. Session lows retraced all of last week's gains back down to the prior Friday's close. Closing just 1 point under Monday's close was essentially unchanged, but it wasn't back above a prior high which would have trapped sellers -- perhaps not a bad showing after the open had ignored its recovery opportunities. Overnight action's new info... Globex immediately rallied out of Tuesday's close to attack 2744.00. Its consolidation was contained within what is this morning's 2735.50-2742.25 bias-up parameters. Buyers never attracted reinforcements before resolving down to 2725.00 well before midnight, where another consolidation formed around unchanged. Breaking lower again into and out of Europe's opens slid sharply for two hours until touching what is this morning's 2711.00 bias-down target. A two-hour rally from there back to unchanged around 2725.00 has recovered a brief dip to now test 2730.00. If, then... (notes to accompany the Tour recording) So, is the market stair-stepping its way down to the next lower targets, which are 2696.00 and then 2786.00? Last night's low repeated Monday night's momentary dip under the intraday low, albeit much later in the session than Monday night's initial dip. Bottom-fishers haven't been comprised of strong-handed buyers, as seen by ending each period at or near its lows. Strong-handed buyers would push a timing window through a relevant resistance -- this morning, that would be back above yesterday afternoon's 2740.50 high, which already held last night's initial strength. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2715.00 would be likely to trigger the 2718.00 bias-down signal at 10:15. Exiting the open above 2721.75 would be unlikely to trigger bias-down. Exiting the open under 2732.50 would be unlikely to trigger bias-down.

Gap up rejected. Yesterday afternoon's 2740.50 bias environment high produced fresh session lows. So, maintaining a gap up above 2740.50 would reject the prior afternoon's drop. Gap up, maintain it, and extend it. Gapping up was maintained above 2740.50, but not extended. That's still a position of strength, but with limitations.

One limitation was exceeded by triggering a sell signal under 2737.75. Then another limitation failed by not triggering bias-up. More so, both the 2735.50 AND 2742.45 bias-up parameters were rejected, putting into play offsetting tests of BOTH the 2718.00 and 2711.00 bias-down parameters.

The open's setup wouldn't have formed a session-long rally, but its failure is still likely to be as bearish as it could have been bullish. Having said that, this being a LATE no-bias environment instead of timely, not testing 2711.00 could avoid probing under yesterday's lows and still maintain the Isolation setup that hasn't been rejected.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2718.00 2719.25 ...would target 2727.75 2729.00 Bias-down: under 2705.25 2706.25 ...would target 2697.00 2698.00 Signal status: noN-BIAS, TESTED BIAS-DOWN SIGNAL . NEW: 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.

Entering the afternoon at fresh lows. Despite rallying up to 2748.25 through the open, both the 2742.25 and 2735.50 bias-up parameters were rejected. Tests of both the 2718.00 and 2711.00 bias-down parameters were put into play. Both were tested, and then some. 2705.00 had been attacked when the morning bias environment started lapsing. A choppy noon hour has resolved down, and the afternoon bias environment's entry had already attacked its 2698.00 bias-down target. Nevertheless, its 2706.25 bias-down signal wasn't cleanly triggered, so this is a noN-bias environment.

This is not a no-bias, requiring its bias-down signal to define the window's lower-end. And this is not a bias-down, requiring its target to be met (although it's being probed now down to 2692.75).

Exiting the bias environment back above 2698.00 would start to suggest that sellers are done for the day. Meanwhile, there is still an attraction below at 2685.00-2686.00.

Probing fresh lows overnight at the morning's 2711.00 bias-down target had reacted up sharply, probing above the morning's bias-up target by an additional 6 points up to 2748.25. And, yet... Rejecting both bias-up parameters put into play a retest of the overnight low that was fulfilled. And then extended, to attack the next lower objective at 2685.00-2686.00 to within 1 tick. Which could have been the low. Only 1-minute RSI was oversold, so it doesn't require being retested. Its reaction up recovered the bias environment's entry, but not until the window had already begun lapsing. So, despite bouncing to 2723.50, the two prior sessions' "higher prior lows" launched a reaction back down to 2798.00. This late dip wasn't too late to form a bearish WedEX. Breaking from within the two prior sessions' range to close below them makes the signal active -- closing back above higher prior lows would have formed a passive bullish setup. Opening high enough Thursday could still trigger a late passive bullish WedEX, but even that might not prevent at least more weakness before a recovery attempt could be credible. 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 2708.00 2709.00 ...would target 2716.00 2717.00 Bias-down: under 2690.00 2691.25 ...would target 2681.00 2681.25 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . NEW: 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.