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

Through the prior close... (summary of last Market Wrap) Tuesday's gap up failed to trigger a session-long rally setup above Monday afternoon's 3257.25 high by 9:45. Recovering 15 minutes later extended higher throughout the session, anyway. Meanwhile, the morning bias window recovered the 3267.25-3272.50 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap retracement between Friday's close and Monday's open to signal the next higher target, filling the gap back to Friday's 3294.00 close. The afternoon's 3285.00 high was too optimistic ahead of AAPL's earning, and retraced to close at 3277.00. Overnight action's new info... (nearby chart is last intraday session and Globex) AAPL's earnings triggered a post-close attack on the 3285.00 afternoon high, which the Globex open quickly reversed down to 3273.00. But not for long before surging to fresh highs attacking 3291.00 well before midnight. That has defined a wide, choppy range contained between this morning's 3282.75-3289.50 bias-up parameters. Volatility around Europe's opens has twice dipped back down to yesterday's 3281.00 noon hour high. If, then... (notes to accompany the Tour recording) Recovering from an earlier Globex dip to probe back above yesterday's highs keeps alive the potential for probing higher post-open. Still reacting back down under yesterday's highs underscores the tenuousness of probing higher post-open. This is still only a corrective bounce from Monday's 3233.00 low. And and it is now testing its next significant resistance by retracing at least 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} into the structure containing the gap back up to Friday's 3294.00 close. Exiting the open back within yesterday's range would be difficult to attract more buyers ahead of this afternoon's FOMC events, but back under the overnight lows could easily attract stronger-handed sellers. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 3280.50 would be unlikely to trigger the 3282.75 bias-up signal at 10:15. Exiting the open above 3284.25 would be likely to trigger bias-up.

Overly optimistic buyers attracted overly pessimistic sellers. My methodology's underlying basis was on full display through today's open. Its test of the 3289.50 bias-up target was reversed back under the 2382.75 bias-up signal, reflecting overly optimistic buyers running out of sponsorship. Normally, holding the bias-up signal's test through 10:15 would put into play an offsetting test of the 3272.25 bias-down signal. Also holding a test of the bias-up target would add an offsetting test of the 3265.00 bias-down target. But overly-pessimistic sellers already tested the 3272.25 bias-down signal by 10:15. So, holding a test of the bias-down signal put into play an offsetting test of the 2382.75 bias-up signal, regardless of already having tested it. More so, sellers impatience deprived themselves the added rewarded of testing the bias-down target.

Fulfilling the 2382.75 bias-up signal's test required no particular timing window, but it was fulfilled already, anyway. And higher, currently up to 3286.00.

Probing beyond a bias signal during a no-bias window now creates a new setup: no-bias trending. Anything above 3282.75 before the bias environment starts lapsing at 11:30 (or comes within view of lapsing 10-15 minutes earlier) must be retraced.

Meanwhile, overnight volatility has repeated post-open as expected. Also expected is that volatility suddenly diminishes while sponsorship becomes inhibited ahead of this afternoon's FOMC events.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3289.25 3288.00 ...would target 3295.25 3294.00 Bias-down: under 3280.25 3279.00 ...would target 3274.25 3273.00 Signal status: NO-BIAS . 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.

Awaiting this afternoon's FOMC events. FOMC events, impeachment Q&A, and FB earnings. No wonder price action was suddenly paralyzed in a 4-5 point range, after the first 90 minutes had collapsed 21 points and then bounced 15-16 points. The 2:00 FOMC policy statement is just minutes away, and then comes the 2:30 Fed Chair Q&A. The market's two most opportunistic trading windows. It is being greeted during a no-bias environment, which is probing above its 3288.00 bias-up signal that will require being retraced. Unfinished business above or below, and the underlying trend or its stage, are all irrelevant during the FOMC afternoon. Our exclusive focus will be on intraday patterns and setups.

Overnight volatility had promised a volatile morning Wednesday, at least until the usual respite before the afternoon's FOMC events renewed volatility. The pattern tracked perfectly, essentially making two intraday round trips of a 21-point range. Gapping up to 3290.00-3291.00 collapsed 21 points to attack 3270.00, and then surged 17 points to 3287.00 -- all before exiting the morning bias at 11:30. That's where a sideways 4-5 point range greeted the FOMC policy statement, triggering a delayed blip-up that probed overnight highs by 1 point to 3292.75. Gradually sliding into the Fed Chair's Q&A finally began accelerating through it, its likely objective being to retest the morning's low. The path was mostly direct, but 3269.50 was met through the futures close. Tuesday morning's recovery of the 3267.25 Fri-Mon gap-to-gap had put into play the next higher objective, essentially around 3294.00. The 3292.00 overnight high was sufficient, and so is the 3292.75 Wednesday high. The correction of Friday's drop through Monday morning has no higher objective in-play. So, extending higher anyway would be bullish. Similarly, delaying the reaction to a completed correction would also be bullish. The decline from Friday's high has no excuse to delay resuming. 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.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3278.25 3277.00 ...would target 3286.00 3284.75 Bias-down: under 3268.50 3267.25 ...would target 3260.25 3259.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . 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.