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) Monday night's 35-point slide to 3840.00 was duplicated by Tuesday's opening slide to 3805.00. The morning's bounce up to 3864.50 held the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap proxy. A noon hour correction was recovered back up to the gap-to-gap, for which there was no bearish reason, so the recovery extended up to 3892.00. Its reaction drifted back down to 3874.00 through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Essentially ranging sideways, but widely, the 3888.00 bias-up signal is now being tested as resistance. Retested. Its first test came in reaction to an initial dip to the 3866.00 bias-down signal as support. And now its retest comes after an interim dip to 3852.00. All of which is under yesterday's 3892.00 high. If, then... (notes to accompany the Tour recording) Tuesday's bounce contained multiple Fibonacci correlations to session lows, suggesting that it hadn't broken free from an attraction back down to the morning's low. Not that the low must be retested, but at least another corrective dip would be likely if Wednesday's open were not gapping up. And the open isn't indicated to gap up. There's not much room for a dip to still be considered only a correction, instead of on its way back down to and through Tuesday's low. Bias Parameters... (linked here)

Pre-open dip takes the entire open to be absorbed. Not gapping up today would be unlikely to extend yesterday's recovery. Overnight highs had twice held the 3888.00 bias-up signal as resistance, but it was probed up to 3896.50. Briefly. No gap up. Its reaction collapsed to greet the open back at the 3866.00 bias-down signal. Testing along with its 3857.50 bias-down target down to 3855.50 still managed to invoke the grace period. Which avoided triggering bias-down. Now the late no-bias signal's offsetting test of its 3888.00 bias-up signal is being tested up to 3889.00. Having been triggered late, an offsetting test of the bias-up target isn't require, and won't become unfinished business if left outstanding. Meanwhile, the bias-up signal is resistance, and not gapping up today already suggests this morning won't extend yesterday's recovery. Hovering here or backing-and-filling until the noon hour could be as bullish or more so than to try extending higher already.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP BIAS-UP: above 3908.00 signal would target 3920.25. BIAS-DOWN: under 3893.50 signal would target 3882.75. NO-BIAS: between both signals.

Dow well into new highs. Offsetting tests of this morning's 3857.50-3866.00 bias-down parameters were both fulfilled up to 3902.00 as the bias window began lapsing. Trending up through the noon hour triggered this afternoon's bias-up signal, and now its bias-up target is being probed by 4 points up to 3924.50. The unlikelihood of rallying this morning doesn't prevent extending the rally this afternoon. If anything, rallying despite the unlikelihood forms a bullish pattern in itself. But several resistance points probed along the way were largely ignored, and so are likely to be tested as support. Actually reversing the rally back down is now the pattern's unlikelihood. Whether still extending higher relentlessly, or backing-and-filling, the recovery remains intact.

Wednesday's 12-point gap down was remarkable for having been 30 points higher just a little earlier. But the bias-down parameters held their tests down to 3855.50. Their offsetting test of both bias-up parameters was met during the morning bias window, along with Tuesday's unfinished business. Trending up through the noon hour extended to 3924.50, and ranging sideways through the close to 2927.50. Not gapping up Wednesday was unlikely to rally that morning, but did anyway. Not gapping up Thursday is also unlikely to rally that morning, and likelier to back-and-fill down to 3904.00 or lower. Regardless, any weakness is likely to be temporary on the way to new highs. Month-end portfolio window dressing may have an impact as the month's last two sessions get underway. Especially after the past two sessions have rallied so sharply from its lows. No doubt, that's a catalyst. Until signaled otherwise, pullbacks should hold and recover to fresh highs. 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].

THU A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED BIAS-UP: above 3927.75 signal would target 3936.00. BIAS-DOWN: under 3915.00 signal would target 3904.00. NO-BIAS: between both signals.