Reminder: I'm away from the screens through the morning, but chaRTroom will be open.

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... Sunday night's gap down to attack 2400.00 had been recovered and reversed into positive territory to test 2434.00 by midnight. That ended at Europe's opens and reversed in time to greet Monday's open attacking 2390.00, then sliding to 2368.00. Bouncing back into Friday's range up to 2412.50 was reversed through the balance of the session to fulfill the next major objective at 2355.00 down to 2351.00 at the cash session close. Futures slid to 2340.50. Overnight action's new info... The open blipped-up to 2351.00 and then plunged to test 2317.00. All within the first 10 minutes. Most of it had been retraced 10 minutes later. More so another 10 minutes after that, testing 2353.00. Another dip down to 2325.00 held through midnight, rallying since then to test this morning's 2361.00 bias-up target. Now a spike up has touched 2369.00. The plunge was a singular leg, and its retracement never probed lower, so it is not a "new Globex trend extreme" that would otherwise require intraday retest. If, then... (notes to accompany the Tour recording) Reminder: I'm away from the screens through the morning, but chaRTroom will be open. Did Monday's decline express so much negative sentiment, that last night's plunge overdid it? These overnight lows don't require a retest intraday. And having probed the prior intraday low overnight, opening above the 2353.50 earlier Globex high could form a bullish Globex-flip. Tuesday's intervening holiday closure makes the setup less reliable, but it would be credible so long as Monday's 2351.00 low remained untouched. Otherwise, already reversing down before or through the open would likely retest the overnight low -- and lower, if its retest were to form another spike low. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2366.00 would be likely to trigger the 2361.00 bias-up signal at 10:15. Exiting the open under 2357.50 would be unlikely to trigger bias-up.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2395.50 2396.00 ...would target 2408.50 2409.00 Bias-down: under 2374.25 2374.75 ...would target 2362.00 2362.50 Signal status: LATE BIAS-UP, MET BIAS-UP TARGET . 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.

lede . This morning's no-bias environment had triggered after the open's surge to 2387.00 failed to hold both of the 2361.00-2372.50 bias-up parameters through 10:15. The morning's low at 2345.50 was the second test of Monday's 2351.00 low. Neither test broke any lower or for any longer. The offsetting tests of both bias-down parameters wasn't fulfilled. This morning's offsetting tests of both bias-down parameters was rendered moot, anyway, by exiting the bias environment above its bias-up target. It wasn't a clean exit, lasting from 11:30-noon. And the open's high wasn't recovered until the final possible minutes. So, I'm not convinced the upside if durable. Durable or not, the upside has been strong. The noon hour's 2415.00 high reacted down to 2394.00, and triggered late bias-up 2 points higher. Having already met the 2409.00 bias-up target, sell signals would be credible if triggered. The bias-up target is being retested now. Back under 2396.00 would offer one more chance to reverse the trend back down, whether into this morning's lows or lower. Extending higher would have no particular target at this time.

There's no unfinished business below.

Monday's low had fulfilled the decline's next lower objectives at 2361.00 and 2345.00. Tuesday night's opening plunge testing 2317.00 didn't qualify as being a "new Globex trend extreme" requiring intraday retest, due to the singular nature of its leg, and its later retest holding the noise range. Wednesday's post-open surge to 2387.00 reacted down and filled the gap back to Monday's 2352.00 cash session close, neutralizing its attraction. Holding tests of both morning bias-up parameters overcame the rejection by entering the noon hour above its 2372.50 bias-up target.

Two intraday behaviors signaled that buyers were stronger-handed than sellers:

Monday's 2352.00 cash session close held a test through Wednesday's post-open dip, and another before the bias environment began lapsing. Printing fresh session highs during the afternoon bias environment wasn't reversed back under a prior low before entering the final hour.

Does Wednesday's 161-point rally from Tuesday night's low already reward buyers for absorbing sellers? Too much, too soon, to extend higher immediately? Regardless of the upside vulnerability that facilitated it, Wednesday's last intraday upleg is no different in principle than Sunday night or Tuesday night's opening plunges which created extremes. And Wednesday is the first session gain for the decline beginning Dec 13, day-9 of what may be an Up/Down-Crash setup that would be timed to resolve this week. Closing positive Thursday would at least invalidate the Up/Down-Crash setup. But this bounce has room up to 2525.00 and 2607.00 without yet qualifying as more than a temporary correction. I'm still reluctant to pronounce a bottom forming without there first being a capitulative session. Or, two -- and Wednesday's rally doesn't limit this week's vulnerability to that. 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 2473.25 2474.25 ...would target 2483.50 2484.25 Bias-down: under 2453.75 2454.25 ...would target 2447.75 2448.25 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . 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.