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

NEW 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 morning's 2432.00 bias-down signal barely avoided triggering, late, after testing its 2426.50 bias-down signal overnight and attacking it post-open. An offsetting test of the morning's 2438.25 bias-up signal became "unfinished business above." It was ignored by choppy ranging through the afternoon bias environment, which broke higher at its exit. But only shallowly to 2435.75, and briefly before the final hour plunged 8 points to test 2428.00. Overnight action's new info... Globex action began by firming, and rose steadily up to 2433.25. Its trending broke lower into and out of Europe's opens, attacking Tuesday's late test of 2428.00. Diverging positively on its retest enabled a bounce to 2431.50, which has since extended another point. If, then... Gapping up sufficiently this morning would overcome buyers not gaining traction yesterday. But the 2434.25-2435.75 trigger hasn't even been attacked. Currently trading around unchanged, almost any post-open weakness would be credible for extending down. Even without triggering bias-down, the pattern is vulnerable to fresh lows under 2426.50 to 2424.25 and probably also to 2421.50. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2429.00 would be unlikely to trigger the 2426.50 bias-down signal at 10:15. Phonetic dictation... good morning and welcome it is Wednesday and San for Wednesday's morning market tour and not a whole lot going on there was certainly potential overnight to extend down yesterday's late plunge Final hours plunge actually can see it over here on the left had tested 2428 or Pierce to buy a tick it's balanced averaged positively and that produced a little bigger balance right to resistance but rather than resume the decline which was vulnerable to overnight infirmed I was watching this world time was able to track patterns uptrending support broke other inflection points trigger but they haven't been very productive but they weren't very productive well this one was productive but essentially the inflection points we're not very productive in fact they were the they were the opposite of productive as in productive in the opposite direction they seem more to have delayed in other words it would be more bullish and if we were looking at this pattern this market right here he have in the interim rather than attacking yesterday's Lowe's overnight it had probed yesterday's loves overnight this would then be much better position to Rally I would suspect this would be much higher at this moment as well and being my tire would be much more helpful to the rally because this is the area 3425 3550 this is the area that needs to be recovered through the open in order to offset the fact that yesterday's buyers gained no traction it's not too far away from that there's plenty of time news on its way but plenty of time to get back out if started pretty much now it started later trying to fresh overnight I would be weakened and sponsorship starting to roll over in case 3525 I would be looking for the delay alright last thing is if bias down is avoided this morning is bias down signal which is 2650 if that's avoided I don't think that would prevent necessarily trending down anyway probing temporarily fresh loves during the no bias environment just one more opportunity to trap we can and shorts alright and it's not a position of weakness is not being created from a position of weakness couple consecutive higher closes would have been would have qualified as a position of strength but if there's a knee-jerk reaction down at expected to recover and meanwhile there's certain potential to Simply react Tire natural gas for tomorrow and it's extending a little bit higher up to this resistance of what was pretty relevant support on the way down basically 309 leaving a gap outstanding I had a bit CIA that is a position of weakness when that's not a solid base .

Post-open firming lacks enthusiasm. The overnight rally up to 2433.25 had reacted down to attack 2428.00. It was recovered almost entirely before the open, and then probed up to 2434.50 post-open. That's still 2 ticks short of the bias-up signal. Which didn't trigger. So, an offsetting test of the 2426.50 bias-down signal is not in-play. Not officially. But our scenario already suggested that not gapping up above yesterday's highs would remain vulnerable to fresh lows. Extending higher now would need to probe above the untriggered bias-up signal, which would be doomed to failure.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2433.75 2433.00 ...would target  2438.75  2438.25 Bias-down: under  2427.00  2426.50 ...would target  2422.25  2421.50 Signal status: LATE NO-BIAS,  TESTED BIAS-DOWN SIGNAL 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.

Minimum downside objective met. Trending down since this morning's bias environment began has been very productive. Not only in avoiding a rally, as not gapping up suggested would be avoided. And not only in trending down. But now in testing the 2424.25 minimum likely objective below. If that's not today's of, then the next lower objective would be 2421.50. Lower lows can be avoided. The 2426.50 bias-down signal was not triggered. Its grace period was invoked, but a surge to 2429.50 avoided it. The no-bias environment could test 2433.00 before even threatening "no-bias trending," or rally through it after the bias environment begins lapsing. Otherwise, fresh lows could still extend down deeper. Although the b2426.50 minimum could serve as the low, the likely objective would be 2421.50. Exiting the bias environment above a prior high could otherwise be unstopable.

Retesting 2426.50 was likely to at least visit 2424.25, which previously had been the room for noise above 2415.00. It was fulfilled by a 5-point plunge during the noon hour from 2429.00. And its test reacted up quickly and aggressively. It also reacted up substantially, almost 10 points to touch the open's 2433.75 high. Before this week's pullback had even begun, during the weekend's Saturday Review, we discussed the potential down to 2421.50. Its test would have made a more reliable bottom. And still could, but it's not necessary to resume the rally. No more necessary than was last week's bottom pullback that stopped short of its 2399.00 potential. Meanwhile, closing above Wednesday morning's gap up after probing a fresh trend low intraday would have formed a Pivot Reversal. The setup identifies turning points. All of the setup's other elements had formed, including actually probing a fresh session high up to 2435.00. But the close was back under he morning's 2434.50 high. The pattern's resolution can be as bearish as it could have been bullish. Wednesday's late reaction down seemed to suggest as much, retracing a couple of "big, consecutive upbars." The setup would have triggered a short-squeeze if appearing several minutes earlier. It didn't, so retracing it isn't necessarily bearish. Rallying overnight to gap up Thursday can't be discounted. Otherwise, gapping down Thursday under Wednesday afternoon's ~2428.00 low could get 2421.50 done, after all. 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  2436.25 2435.75 ...would target  2441.75  2441.25 Bias-down: under  2428.50  2428.00 ...would target 2423.00  2422.50 Signal status: waiting for trigger 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.