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... Sunday night's gap down had been recovered into positive territory before Monday's open, a pre-open dip was recovered to higher highs. The morning's bias environment contained one last correction, before marginalizing sellers for the balance of the session. The afternoon's 31-point upleg up to 2051.00 gained traction. Overnight action's new info... Flat-to-higher ranging had dipped into Europe's opens. But that only launched another upleg to 2059.25. It was preceded by a dip down to 2055.00, and followed by a reaction down to 2055.00. That formed a Head & Shoulders which is now probing lower under 2054.00. If, then... A reward is due for gaining traction. That's usually delivered by the next morning extending the trend. But when last-hour and/or overnight timing windows have already extended the trend, the risk is that fully-rewarded buyers become sellers. And that risk is greeting today's open. An overnight pullback to 2035.00 would have helped to secure a morning rally. Yesterday afternoon's 2041.25 renewed bias-up target was being met as the bias environment began lapsing. It was extended 10 more points into the close, and now at least 8 more points overnight to 2059.25. That's 30 points since yesterday afternoon's 2029.00 buy signal. None of which is a sell signal, and this upleg still has room to 2068.00. A pre-open pullback could suffice in place of an overnight pullback. Otherwise, not extending higher immediately post-open would be vulnerable to inverting back down. First Trade... Exiting the open at 9:45 above 2058.00 would be likely also to exceed the 2055.75 bias-up target at 10:15 to renew the bias-up signal. Exiting the open under 2051.00 would be unlikely to renew bias-up. Exiting the open under 2048.00 would be unlikely to trigger the 2050.00 bias-up signal.

Pre-open Fibonaccis pick a winner, so the loser can win, too. The pre-open retracement of 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back to the 2059.25 high held as resistance. Its reaction down to 2045.50 filled the gap back to yesterday's close. But it didn't gain traction. Ranging around the 2050.00 bias-up signal was overlapping at 10:15 to invoke the grace period. Its recovery through 10:30 triggered late bias-up. The 2055.75 bias-up target was fulfilled almost immediately. It wasn't exceeded in time to renew the bias-up signal, but that didn't change whether this is a bias-up environment. It is. And, renewed bias or not, the next higher objective is 2068.00. Already, fresh highs have touched 2060.50. Traction gained by yesterday's rally suggests the trending will persist for another 20-30 minutes -- making pullback limit tests likely to hold. Regardless, exiting the bias environment back under its 2055.75 bias-up target would make higher highs unlikely before another corrective dip.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2066.50 2062.50 ...would target  2072.00  2068.00 Bias-down: under  2060.00  2056.00 ...would target 2054.50  2050.50 Signal status: LATE 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.

Morning's rally fulfilled rally's traction, but none replaces it. Yesterday afternoon's rally gained traction by trending higher through its two relevant timing windows. Despite already extending higher into the close and overnight to 2059.25, this morning's trended higher, too. That required a deep dip into and out of the open down to 2045.50, but it recovered to 2063.50. The noon hour only trended down. The 2056.00 bias-down signal triggered, and its 2050.50 bias-down target has been met. Now a bounce is testing the 2056.00 bias-down signal as resistance. This being a bias-down environment, its 2056.00 bias-down signal should define the range's upper-end. Probing above it would have to be retraced. Hovering around it until the bias environment begins lapsing could then extend higher. Tomorrow afternoon's FOMC Minutes release might inhibit trending much before then. This leg of the rally still has potential to 2068.00. Meanwhile, back under 2053.25 would signal a fresh low in-play, potentially targeting 2046.25, but not necessarily any lower.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today's Market Wrap. Eurodollar Sep Contract (EC, ETF: (FXE, UUP)) Tuesday's probe under last week's 1.0680 low must be rejected Wednesday, or at least not confirmed, to maintain potential for the interim pattern to be forming a bottom. Gold Dec Contract (GC, ETF: (GLD)) Gapping down within its multi-session range and then trending down intraday Tuesday extended to fresh lows at 1064.50, closing under prior lows. Confirming the breakout with a second consecutive lower close Wednesday would likely launch a substantial downleg. Otherwise, a false break would resolve by rallying sharply Wednesday. Silver Dec Contract (SI, ETF: (SLV)) Probing fresh lows intraday Tuesday was recovered at least to close around the range's ~14.15 lower-end. Rallying by mid-day Wednesday would be credible for launching a new rally leg. 30-year Treasury Dec Contract (US, ETF: (TLT)) Tuesday's dip attacked the 152-16 sell signal but didn't trigger it as the market consolidated Sunday night's reaction down from attacking its 154-10 buy signal as closely. Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short)) The 41.00 pullback limit was essentially tested Tuesday, which would require extending higher aggressively by midday Wednesday if the recent downleg has ended. Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Sliding overnight allowed another attempt to recover two relevant resistance levels simultaneously, 2.31 and 2.37. The latter was still being overlapped, so almost any initial strength Wednesday would be credible for extending higher intraday.

Discovery of a terrorist plot in Germany at a soccer game triggered the bias-down environment's extra plunge to 2046.50. That was back down through the 2050.50 bias-down target, which had been met already. And it reversed a bounce that was testing the 2056.00 bias-down signal up to 2058.00. The drop extended down to 2041.50. Then another headline announced discovery of another device at a train station. The needle barely moved, except for firming a little. Clearly the market was fully discounting the discoveries. Extending down would require another catalyst, a horrible event. Absent that, there was no catalyst to trigger a recovery. But the final hour did firm back up to the afternoons' 2050.50 bias-down target. Assuming no further terror discoveries, an overnight rally wouldn't be surprising. Perhaps 2068.00 will be tested in anticipation of tomorrow afternoon's FOMC Minutes. Perhaps that will trigger the next correction down. Details and other markets coverage are discussed in the post-market Wrap recording here: https://roddavid10.mitel-nhwc.com/join/kfysrzz

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

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2059.00 2055.00 ...would target  2065.50  2061.50 Bias-down: under  2044.50  2040.50 ...would target 2038.50  2034.50 Signal status: BIAS-UP 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.