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) Ranging sideways overnight up to 3297.50 through Europe's opens collapsed to 3271.00. Bouncing through Tuesday's open retraced Monday's 3295.50 intraday high. Ranging sideways intraday through two no-bias signals collapsed to 3279.00. Bouncing through Tuesday's close probed fresh highs only during the last 5 minutes up to 3300.50. Oversold RSIs were left outstanding at the low. Overnight action's new info... (nearby chart is last intraday session and Globex) Globex pulled back a little before eventually extending higher. Tuesday's late 5-minute surge was retraced entirely back down to 3292.00. Then the rally resumed, and extended through Europe's opens to test 3319.00, with complexity that qualifies the overnight action as a new Globex trend extreme requiring intraday retest. Slightly higher highs have attacked 3321.00. If, then... (notes to accompany the Tour recording) Suddenly, one or two new pieces of unfinished business have appeared. Complexity in the overnight rally qualifies its high as a new Globex trend extreme requiring intraday retest. And gapping up would be above all prior intraday highs to require being filled from below if ever reversed. The rally still lacks recent traction or new upside objectives, or leaving  above. Only having overlapped 3288.00 throughout the two prior sessions does make the week's lower range an attraction, and a pullback could probe under it before recovering -- this morning's ADP reaction should at least send a shockwave. Two post-open econ reports are also high-profile and reliably influential to price action. Ranging sideways intraday for a third consecutive session is unlikely after gapping up. Not yet beginning a pullback this morning would be likelier to rally higher intraday. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters) NOTE: I have lowered this morning's bias-up signal 4 points down to 3303.75 since publishing yesterday.

Exiting the open above 3317.75 would be likely also to exceed the 3313.50 bias-up target to renew the bias-up signal. Exiting the open above 3308.00 would be likely at least to trigger the 3303.75 bias-up signal. Exiting the open under 3299.25 would be unlikely to trigger bias-up.

Attacking overnight highs. Just avoiding a pullback through the open would make the morning likelier to rally. And the opening 15 minutes firmed, while the first half-hour extended even higher. The 3321.75 overnight high was retraced down to 3310.25 pre-open. Bouncing through the open attacked 3321.00 before officially triggering bias-up at 10:15. The 3313.50 bias-up target was easily exceeded to renew the bias-up signal. The 3323.00 renewed bias-up target has yet to be met. Exceeding the pre-10:15 post-open high helps to confirm the bias signal. That was done only minutes ago, and only by 1 tick up to 3321.00. Still, extending higher seems inhibited by the 3321.75 overnight high's resistance. Back under 3315.75 could dip to the 3307.00 area without even threatening to reverse momentum down.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3330.25 3323.00 ...would target 3340.25 3333.00 Bias-down: under 3314.25 3307.00 ...would target 3302.75 3295.50 Signal status:NO-BIAS . 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.

Holding up, not rejecting, also not extending. The overnight rally gapped up to 3314.25 and the post-open rally probed overnight highs up to 3323.25. Bias-up was renewed and its 3323.00 renewed bias-up target was met. The overnight high's new Globex trend extreme that required intraday retest is neutralized. Reacting down during the noon hour retraced the 3314.25 open. And still no reversal down. This definitely does not qualify as a bullish gap-and-go, so it remains vulnerable to reversing down. But the burden of proof is on sellers. A brief pullback to the 3307.00 area wouldn't even begin threatening to reverse the trend down. Ranging sideways for a third consecutive session wasn't likely, either narrowly or choppily, especially after gapping up. This afternoon's no-bias environment lapsing may be the window for resolving in one direction or the other, probably up.

Wednesday ranged narrowly sideways, again. Blame it on Congressional deadlock? Then credit same for the overnight rally. The 3321.75 new Globex trend extreme was probed intraday up to the morning's 3323.00 renewed bias-up target, neutralizing both. Neutralizing both, and then resisting the balance of the session. A third consecutive narrow range was unlikely, but the session ranged narrowly anyway. Wednesday was the first close not overlapping 3288.00, and the first session to develop entirely above 3288.00 and even its room for noise up to 3307.00. No unfinished business was left outstanding, but the open's gap up at 3314.25 will want to be filled from below. So will Monday's gap up above all prior highs at 3283.00. Both would help to recover in case of a pullback below them. The lack of intraday trending keeps opening the door wider to a pullback, and under 3288.00 could test 3255.00-3260.25. Closing again above 3288.00 Thursday while not also overlapping it would create a position of strength to not only help recover from a pullback, but also to extend the rally. Reversing down Thursday may be the only template that could still develop into a more substantial near-term decline. 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.

At 10:15 the P.M. BIAS is BIAS-UP: above 3325.25 signal would target 3335.00. BIAS-DOWN: under 3308.00 signal would target 3295.50. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3332.50 3325.25 ...would target 3342.25 3335.00 Bias-down: under 3315.25 3308.00 ...would target 3302.75 3295.50 Signal status: NO-BIAS . 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.