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) Spiking up Sunday night extended to new highs at 3900.50 before retracing entirely back down to 3886.50. Monday's gap up extended to probe overnight highs but RSIs never showed sponsorship strengthening. The morning's reaction down to 3886.50 ranged sideways until the final hour surged to new highs up to 3911.00 through the close. All unfinished business was neutralized, and none was created. Overnight action's new info... (nearby chart is last intraday session and Globex) This morning's bias signals have defined and contained either end of the overnight range. The Globex open's blip-up to 3913.25 was only a singular probe, and doesn't qualify as a Globex trend extreme. It also overshadowed another blip-up above yesterday's high to prevent forming complexity. The evening's interim dip to 3093.50 was only recovered, and now it has been retraced to fresh overnight lows at 3898.00. If, then... (notes to accompany the Tour recording) Monday ended with no unfinished business outstanding. Tuesday is greeted by failed attempts to fill that void. And the close above or below 3884.00 will either confirm or reject the next higher target at 3977.00 in-play. The overnight lack of upside momentum is a glaring reminder of last week's shallow pullback day that remains likely to be retested at some point. Nothing more substantial than a shallow dip or brief plunge doesn't often originate suddenly from multi-session trending. Trending down this morning would target 3844.00, probably also 3833.00, and potentially 3827.00. Rallying this morning without gapping up is unlikely, but would be guided by the bias-up parameters. Bias Parameters... (linked here)

A brief repreive. The overnight slide had held a test of the 3898.25 bias-down signal. The open's probe lower to 3895.00 was reversed up, and has avoided triggering bias-down. An offsetting test of the 3911.75 bias-up signal is in-play. It's too late to trigger bias-down, or even to invoke the grace period. Probing under the 3898.25 bias-down signal for the next hour would be no-bias trending that requires being retraced. But back under 3902.25 would start to suggest at least a test of the bias-down signal is developing. The bias-up signal's offsetting test could become unfinished business while fresh lows are probed. This morning's only bullish scenario would exceed the bias-up signal through a relevant window to leave behind the otherwise obvious complacency.

TUE P.M. BIAS

At 1:20 the P.M. BIAS is NO-BIAS, TESTED BIAS-UP SIGNAL BIAS-UP: above 3910.50 signal would target 3917.75. BIAS-DOWN: under 3998.00 signal would target 3901.75. NO-BIAS: between both signals.

Let the games begin. An offsetting test of this morning's 3911.75 bias-up signal became unfinished business when left outstanding. The noon hour exit met it to within 1 tick, while holding a test of this afternoon's 3911.00 bias-up signal. Just in time for the impeachment proceedings to begin. It's not the only distraction, or competitor for attention. And the market seems to know it, remaining stuck within the overnight range. As the complacency persist, so does the potential for getting a deeper pullback underway. The greater that vulnerability, the more reliably bullish to close today above 3384.00 for a second consecutive session. I can't discount the potential for probing or trending higher this afternoon. Fresh highs after the bias window begins lapsing could gravitate higher into the close.

Monday's night's initial blip-up to 3913.25 doesn't require retest. It was almost retraced at Tuesday afternoon's 3912.50 highs, bouncing from the open's 3895.00 low. Ultimately, Tuesday's session only ranged sideways. Confirming Monday's close above 3884.00 by not being rejecting it is not a timing tool. Reversing down to 3927.00-3933.00 would likely be only a temporary correction, to be recovered entirely. Since Tuesday's buyers gained no traction for their effort, extending higher Wednesday without delay should begin by gapping up. Not gapping up would be likely to start a temporary correction. 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].

WED A.M. BIAS

At 10:15 the A.M. BIAS is NO-BIAS, TESTED BOTH BIAS-UP PARAMETERS BIAS-UP: above 3912.75 signal would target 3921.50. BIAS-DOWN: under 3896.50 signal would target 3884.25. NO-BIAS: between both signals.