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) Tuesday's action was baked-in and front-loaded. Relentless overnight trending from Monday's 3302.00 close had attacked 3350.00, and the open's surge extended to attack 3383.00. A bullish gap-and-pause (which I mislabeled as gap-and-issue earlier) failed to form when the reaction down retraced more than 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back to the open at 3348.00. The balance of the session attacked earlier highs, where the 3381.75 bias-up target's resistance reversed entirely back down to 3346.50 through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Literally, as everyone predicted. At some point, overnight price action and/or election developments were fulfilling one or another prediction. Almost immediately recovering yesterday's last-minute collapse made fresh highs that peaked at 3394.00 resistance. Reversing down in reaction to a big Trump win (FL) retraced the recovery down to 3328.50. More seemingly insurmountable Trump leads triggered a 104-point surge that held 3427.00 resistance up to 3432.00. Then the shenanigans started as the biggest overnight swing dropped 113 points into Europe's opens. Its rally through yesterday's highs has dipped to unchanged at the 3359.00 cash session close, and is rallying again to 3416.00. If, then... (notes to accompany the Tour recording) Most simply put, the sponsorship of yesterday's rally was weak-handed, for having rallied to one relevant level at last Tuesday's gap, and then retracing back down to its lower relevant level. More specifically, the gap back to last Tuesday's ~3383.00 close was filled, and its reaction closed back down at or under its 3359.50 proxy. My two bullish scenarios were a Biden win, or a clear victory by either candidate. Meanwhile, yesterday's multiple wide swings warned that even if having complete certainty in the ultimate direction, nothing prevents an extreme detour on the way there. How about 3 detours. Yesterday's highs have been probed 3 times, now working on a fourth. The first 2 reacted down from higher objectives at 3394.00 and 3427.00, to a fresh low under yesterday's range. Those tests were only overnight, which can suffice for having neutralized their attractions so a downleg is credible. But their intraday tests are still possible, as is their initial resistance. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3388.00 would be likely to exceed the 3381.50 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 3377.00 would be likely at least to trigger the 3371.75 bias-up signal. Exiting the open under 3366.00 would be unlikely to trigger bias-up.

What are the odds. The overnight test of 3427.00 up to 3432.00 was retested pre-open up to 3430.00. The first 15-minute 3396.00-3422.50 range finally began resolving up into the top of the hour. Its likely objective to probe fresh highs was fulfilled. And exceeded, by a lot. That leg has extended up to 3465.00, filling a gap created by last Monday's open. That resistance helped to form the final stages of the 5-stage reversal pattern. The pattern's begins by aggressively entering and exiting a Running Correction. Its objective is to correct the Running Correction. That is now done at 3439.50. Possible resolutions are to resume the rally, or else extend the correction back to the pattern's 3425.25 or 3411.00 origin(s). Extending any deeper would reverse the trend down. Already fulfilled pattern's reaction is attacking 3457.00. Multiple press conferences today, and a lot of headline catalysts, so be aware of reversal candidates. Also, don't forget another headline/theme soon to emerge will focus on tomorrow afternoon's FOMC events.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3477.00 signal would target 3489.00. BIAS-DOWN: under 3450.50 signal would target 3439.75. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3484.00 3477.00 ...would target 3496.00 3489.00 Bias-down: under 3457.25 3450.50 ...would target 3446.50 3439.75 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE

Paralysis? The morning's 5-stage correction held the 3439.50 pullback. Firming back up to the 3465.00 high formed a Symmetrical Triangle. Breaking out into the noon hour extended to the pattern's room for noise, also the afternoon 3477.00 bias-up signal. Which held, triggering no-bias. Its reaction has room to test the 3450.50 bias-down signal. Its test isn't required, and probing under it before the bias window lapses would be no-bias trending that requires at least being retraced. Also, nothing prevents extending the rally higher. No retest is required of the overbought RSIs at the noon hour highs, so retesting the highs anyway would suggest new sponsorship had arrived for a new upleg. And nothing prevents reversing back down to 3484.25-3488.75 as earlier buyers start to realize this leg may be done. Otherwise, flat or flat-to-lower is likelier through the close. The lack of direction is probably a pause in volatility ahead of tomorrow afternoon's FOMC events. Any further strength probably relates more to renewed stimulus headlines than to the election.

Election night swung repeatedly within its 3319.00-3432.00 113-point range. Wednesday's open launched uplegs into the 3480.00 noon hour high. The balance of the session trended back down relentlessly, testing the post-open rally's 3536.00 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement down to 3431.50. Wednesday's 3480.00 noon hour peak, like the opening surge to 3465.50, are exempted windows from requiring a retest of their overbought RSIs. By the same token, retesting Wednesday's high would likely probe higher instead of holding. Meanwhile, the election rally is done. Knee-jerk reactions to headlines remain possible always. But the race's outcome is fully discounted, except for legal challenges whose resolution may be days or weeks away. Focus is turning quickly to Thursday afternoon's FOMC events. Stimulus headlines are also finding their way back into news feeds. A deeper pullback or reaction down would have room to the Wednesday's gap-to-gap around 3384.25. Any lower would start to signal a deeper downleg underway. Ultimately extending the recovery would likely target 3546.00, up to 10-11 points higher. 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-UP: above 3449.25 signal would target 3460.25. BIAS-DOWN: under 3431.25 signal would target 3419.00. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3456.25 3449.25 ...would target 3467.25 3460.25 Bias-down: under 3438.00 3431.25 ...would target 3415.75 3419.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE