Visualize. Identify. Do It.

VISUALIZE     [Gather the inputs of Price points, Tests, Timing]
Previously : Drifting straight down from Tue's 4146 close bounced off of 4121 support, and eventually blipped-up to 4142 before Wed's pre-open econ report. Its headline triggered fresh lows to 4113-4116 that each reacted up to 4135 resistance. Breaking higher out of the bias window filled the gap back to Tue's 4146 cash session close. Its correction to 4126 was fully recovered to Tue afternoon's highs, with a last-minute surge to 4162.
Overnight price points : Globex initially dipped back to Tue's afternoon's 4156 high then resumed Wed's recovery until touching the 4168 bias-up signal. Ranging sideways began drifting back down at Europe's opens, now probing back into Tue's afternoon's highs and the 4149 bias-down signal at 4146.
Catalysts : PPI, earnings ongoing, Fed speakers.

IDENTIFY     [Process the inputs into Setups, Patterns, Bias]
Setups/Patterns : Globex flip.
Their influences : Overnight probing beyond its intraday extreme, then reversing its Globex open's range through the next intraday open, can entrench that reversal through the morning. Alternatively, forming all of the setup but holding the Globex open's test can resume the initial overnight probe.

DO IT     [Apply the output via Levels, Triggers, Tactics]
Premise : The first several minutes of this morning's Planner video are must-watch TV to understand the market's intention during the past couple of days within the context of the past couple of weeks. That is, discovering its downside limits while preparing for another upside probe. The video describes how this week's econ reports have helped to decode that intent. None of which precludes a negative reaction to this morning's PPI, but getting its numbers and reaction out of the way could clear the way for rallying into and out of the upcoming 3-day holiday weekend. We'll discuss that influence more at today's close. We may also look at the NDX-Dow-SPX comparison in case yesterday's bullish divergent performances have repeated for a second consecutive session.
Alternative : A retest of Friday's lows is probably off the table for any bullish scenario, but the session's range can still be attacked one more time without yet pointing down much more deeply and durably.
Levels : UP: 4168, 4200, 4231... DOWN: 4124, 4104, 4080.

CURRENTLY UPDATED CHART:

 
         Visualize. Identify. Do It.

VISUALIZE     [Gather the inputs of Price points, Tests, Timing]
Previously : Globex initially dipped back to Tue's afternoon's 4156 high then resumed Wed's recovery until touching the 4168 bias-up signal. Ranging sideways began drifting back down at Europe's opens and extended back into Tue's afternoon's highs and the 4149 bias-down signal.
New price points : Thu's pre-open econ reports were greeted at 4140, and collapsed to the 4104 open. Consolidating around it through the first half-hour included a blip-down to 4098 that has broken higher to 4133.
Catalysts : PPI etc, earnings ongoing, Fed speakers.

IDENTIFY     [Process the inputs into Setups, Patterns, Bias]
Setups/Patterns : BIAS-DOWN RENEWED... Opening Thrust.
Their influences : The first 15 minutes tested relevant supports at 4107 and 4098, and the first 15 minutes held their support. Their range wasn't exceeded until 10:30, where 10:00 AND 10:30's recoveries would be optimal.

DO IT     [Apply the output via Levels, Triggers, Tactics]
Triggers/Tactics : Recent accumulation didn't preclude a negative reaction to the econ reports, with room to attack Fri's range -- Its 4101 lower prior highs contained the open's lows. That was off the table for any bullish scenario, but its isolation has made its test bullish. A corrective bounce to 4133 was anticipated and is now fulfilled. Reacting down to 4120 could still enable a more dramatic afternoon relief rally, but currently the 4133 target's reaction has room for backing-and-filling down to 4125 or 4120. The NDX-Dow-SPX comparison in case yesterday's bullish divergent performances are repeating.
Alternative : Too deep of a pullback would be attracted back down to fresh lows, and through Fri's lows as expiration and the impending 3-day weekend never recover the recent accumulative behavior and instead suddenly shift the paradigm to begin leaning bearish.
Levels : UP: 4168, 4200, 4231... DOWN: 4124, 4104, 4080.

CURRENTLY UPDATED CHART:

THU P.M. BIAS 

STRATEGY: A 60-90 minute bias will trigger at 1:20 ET if:
BIAS-UP will trigger above 4143, targeting 4151.
BIAS-DOWN will trigger under 4125, targeting 4112.
NO-BIAS if still between both signals.