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) Gapping up Monday, however shallowly above 3838.00, allowed the morning to trend up. Quickly extending up to 3876.00 mostly ranged hovered there, probed during the noon hour up to 3879.00. Triggering the afternoon's bias-up signal didn't prevent the balance of the session from trending back down to 3816.50. Overnight action's new info... (nearby chart is last intraday session and Globex) Ending Monday's session triggered the end of Monday afternoon's decline. Reversing immediately has steadily, albeit choppily, retraced to attack 3866.00. If, then... (notes to accompany the Tour recording) Tests of Monday afternoon's 3868.00 and 3883.00 bias-up parameters are unfinished business. That context suggests yesterday afternoon's pullback was only a temporary detour. It couldn't have been briefer if this overnight rally persists. Post-open backing-and-filling has room down to 3845.00 while maintaining the upside momentum, and to avoid a deeper detour down to 3777.00. Bias Parameters... (linked here)

Fresh recovery highs. The open ranged up to 3866.00 and down to 3855.00 while almost forming a downtrend, until the final minutes surged to fresh highs. Extending higher neutralized yesterday's 3868.00 and 3883.00 unfinished business. The 3886.25 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap projection reacted down sharply 11 points, and quickly recovered up to 3889.00. Maybe a little too quickly. Its fresh high probes have been temporary, and still struggle to maintain any higher territory. Back under 3881.00 would signal a pullback underway hunting for stronger-handed buyers at lower levels, perhaps from 3870.50. Meanwhile, fresh highs that only eke higher are suspicious, but aggressive behavior should be rewarded up to 3900.50 -- currently testing 3892.00.

TUE P.M. BIAS

At 1:20 the P.M. BIAS is NO-BIAS, TESTED BIAS-UP SIGNAL BIAS-UP: above 3898.00  signal would target 3910.75. BIAS-DOWN: under 3882.25 signal would target 3870.50. NO-BIAS: between both signals.

Giving upside a benefit of the doubt. Trending up at noon reached the 3898.00 bias-up signal. Two probes above it each reacted down back under it, eventually invoking the grace period. 3898.00 wasn't recovered in time to trigger late bias-up, so this is officially a no-bias window. But 3898.00 was touched just 1 minute later, and an inflection point being tested at the time had been holding its detour, so I'm giving further upside a benefit of the doubt. Touching 3898.00 1 minute earlier would have triggered noN-bias. No-bias requires the 3898.00 bias-up signal to define the window's upper-end. A noN-bias window often behaves that way, anyway, but is allowed to extend higher. Meanwhile, a fresh high since 1:30 testing 3901.00 further suggests the rally's momentum remains intact. Back under 3894.50 would start to signal a reversal underway.

Tuesday's gap up to 3855.00-3866.00 extended through the morning up to 3892.00, then through the noon hour to test 3901.00. Ranging sideways through the afternoon finally broke through the last half-hour -- lower to 3870.50 -- and still ended above the opening range well into positive territory. No unfinished business was left outstanding. 2-3 earlier setups along the way up had reflected excessive optimism and impatient buyers. The late capitulation suggests those weak-handed longs were awaiting more upside that wasn't developing. The only question is whether neutralizing that sentiment suffices to resume the rally, or if it must still be offset by a deeper retrace. Similar to Tuesday, Wednesday morning has room for backing-and-filling down to 3845.00 without even threatening to reverse the trend down. Meanwhile, rallying Wednesday morning should begin by gapping up, probably above 3891.00. Gapping up above Tuesday afternoon's highs could even form a session-long rally setup. 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].

WED A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP, BIAS-UP TARGET MET BIAS-UP: above 3888.75 signal would target 3907.50. BIAS-DOWN: under 3864.25 signal would target 3851.50. NO-BIAS: between both signals.