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... Tuesday started pessimistically, but didn't get worse. It may have looked or felt that way since the range is so wide. Gapping down sharply 22 points to 2832.00 immediately probed another 3 points lower. A quick 10-point bounce reacted down 20 points as quickly to 2818.50. All during the first half-hour. The balance of the session ranged choppily sideways, narrowing through the day and closing around 2824.00. Overnight action's new info... Wide, choppy gyrations that characterized intraday action has also defined last night's ranging. More so, the choppiness expanded instead of contracting, and it has been flat-to-higher. Firming 6 points into the State of the Union speech ultimately surged 6 points afterward to 2835.50. Collapsing 10 points reversed up almost 12 points. And still, yesterday morning's 2837.00-2839.50 highs have barely been attacked. The last dip to 2828.50 has reacted up to attack 2835.00, about 11 points above yesterday's close. If, then... For all of yesterday's persistent pessimism, and for all of the overnight choppiness, yesterday's opening range still stands. Neither end has been touched since then. None of which prevents trending, but it limits the window for starting it. And anything which is limited is implicitly less likely. Having said that, yesterday's wide opening range does allow reactions within it to be as satisfying as a usual trending leg. Yesterday morning's highs could be probed into the "empty" space of its gap down (in the Market Tour, I show how to identify the resistance that's in it). But while this afternoon's FOMC policy statement is impending, a resolution will likely be inhibited. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2838.50 would likely also exceed the 2837.25 bias-up target at 10:15 to renew the bias-up signal, next targeting 2845.00. Exiting the open above 2831.75 would be likely at least to trigger the 2830.00 bias-up signal at 10:15.

Gap up and range choppily sideways. Yesterday's open had gapped open sharply lower. The first half-hour ranged widely. And each of the session's leg's choppily overlapped the open. This morning's action is similar. Gapping open (less) sharply higher and ranging (less) widely has only ranged choppily sideways around the opening print. This is in-line with my warning this morning that trending would be difficult -- both because of yesterday's wide range, and because of this afternoon's impending news. So, the open's surge barely pierced the overnight high up to 2839.75 before reversing down to 2830.50. Now retracing the bounce is probing fresh post-open lows down to 2827.75. The range persists.

Meanwhile, these are large legs because there is a lot of room within yesterday's opening range of support and resistance. Neither end of any range requires being retested, but moves away from its midpoint are likely to return.

Spoiler Alert: Often when greeting FOMC events in a persistent range, the volatile reaction to its news tends to be contained within the range. But breaking lower would be attracted down to the gap back to yesterday's 2824.00 area close. And fresh session highs would likely test 2845-2847.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2833.50 2834.25 ...would target  2840.25  2841.00 Bias-down: under  2823.75  2824.50 ...would target  2817.50  2818.25 Signal status: NO-BIAS FAQ NEW! Flowcharts: Bias-UP // Bias-DN 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.

The initially favorable knee-jerk reaction to the afternoon's FOMC policy statement was actually a little delayed. But it wasn't a knee-jerk reaction down, and that was apparently reason enough to attract a 6-7 point buying surge attacking 2835.00. A brief surge, because that's not enough reason to extend. Instead, the rubber band had been stretched, and it snapped down hard -- extending to fresh lows at 2813.00. RSIs diverged positively on a retest of 2813.00, but it had become too late to attract counter-trend sponsorship. Also, sellers gained traction by exiting the bias environment under the noon hour's low, and then entering the final hour lower still. Gapping up Thursday above 2835.00 would invalidate that downside traction, but any shallower would be difficult to avoid probing another fresh low. A late bounce underway as of this writing is attacking 2824.00 and has room up to 2830.00. Either would still be plausible for extending higher to gap up. But reacting back down into the close could be compelling for a hold-short, to at least probe lower lows overnight down to 2805.00 or 2793.50.

There was no Market Wrap. Monitor overnight Globex trading in the chaRTroom here.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2829.25 2830.00 ...would target  2835.75 2836.50 Bias-down: under  2822.75  2823.50 ...would target  2817.75  2818.50 Signal status: LATE BIAS-DOWN, BIAS-DOWN TARGET MET FAQ NEW! Flowcharts: Bias-UP // Bias-DN 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.