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) The pullback's next lower objective at 3508.00-3511.00 was attacked overnight to within 1 tick, and then probed Tuesday morning more than 1 point. Both tests reacted up, but never back above any relevant level to suggest the trend reversing back up. The intraday recovery didn't even attack the overnight recovery's high. Hovering through the afternoon was resisted at Monday's 3546.50 cash session close. Oversold RSIs were left outstanding at 3506.50 and 3529.50. Overnight action's new info... (nearby chart is last intraday session and Globex) Dipping back down to 3531.00 snapped back up to probe intraday highs to 3557.00. Higher highs and a higher low persisted through Europe's opens. Now testing 3574.00, well above yesterday's highs, but only retracing 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of Monday's last half-hour's collapse. If, then... (notes to accompany the Tour recording) Since no traction was gained by any sponsorship yesterday, launching a durable trend this morning would require at least gapping open. That's currently indicated, and by a reasonably wide margin, but maintaining the gap through the open and preferably extending it can be as important. Gapping up instead of down from yesterday's ineffectual pessimism is likely at least to close above yesterday's range, although testing yesterday's lows before recovering its highs would have been more bullish. And there remains unfinished business from yesterday's oversold RSIs -- their attraction will be in-play along with fresh pullback lows if the indicated gap up were rejected. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3570.50 would be likely also to exceed the 3567.00 bias-up target to renew the bias-up signal. Exiting the open above 3561.00 would be likely at least to trigger the 3556.00 bias-up signal. Exiting the open under 3550.50 would be unlikely to trigger bias-up.

Overnight enthusiasm struggling. The overnight rally to 3574.00 never improved before sliding through the 3565.00 open down to 3552.00. The 3567.00 bias-up target was touched before triggering the 3556.00 bias-up signal late. A retest of 3567.00 is in-play. A retest of 3567.00 would likely also print fresh post-10:15 highs, and confirm the late bias-up. Back above overnight highs would next target 3578.00 and 3588.00. It's already pretty late for rejecting the bias-up signal's support, which is still being tested. That said, it's pretty late to be defending against another fresh low under 3552.00, which should at least fill the gap back down to 3546.00 or lower.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3573.50 signal would target 3584.25. BIAS-DOWN: under 3560.25 signal would target 3550.50. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3578.50 3573.50 ...would target 3589.25 3584.25 Bias-down: under 3565.25 3560.25 ...would target 3555.50 3550.50 Signal status: LATE NO-BIAS, TESTED BIAS-UP SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE

So close. Regardless of triggering late, this morning's 3556.00 bias-up signal was productive, trending through its 3567.00 bias-up target and entering the noon hour at 3570.50. Relatively narrow flat-to-higher ranging just attacked 3577.00 in time to trigger this afternoon's grace period. But its 3573.50 bias-up signal held to trigger late no-bias. That could be a problem for the recovery. Still testing relevant resistance at 3574.00 -- the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of Monday's last half-hour collapse, which also held the overnight high. Upside bias just failed to gain traction, so this is a relevant timing window. A credible recovery could pause here, but it can't tolerate much deeper reaction under 3569.00. Which is pretty tight. Probing higher anyway during the no-bias window would be no-bias trending that requires being retraced. But keep threading this needle until the bias window lapses, and the final hour could resume the recovery.

Overnight highs had peaked at the 3574.00 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of Monday's last half-hour collapse. Reacting down through the open bounced off of 3552.00 to recovery fully into the noon hour. Intraday buyers didn't accomplish anything that wasn't already accomplished overnight. Momentarily blipping-up to a fresh high at 3577.00 was quickly reversed down to 3552.00 through the afternoon bias environment. The last half-hour bounced up to 3574.00. Spending the entire session in positive territory after gapping up creates somewhat of a position of strength. But that's likely to be put to the test without gappng up Wednesday. So, same drill for Thursday as for Wednesday: If not gapping up to try retracing Monday's highs, then the likelier alternative is to retest Tuesday's intraday lows with potential down to 3492.00 -- which could be underway already overnight. 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 3577.00 signal would target 3588.00. BIAS-DOWN: under 3551.25 signal would target 3561.00. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3582.00 3577.00 ...would target 3593.00 3588.00 Bias-down: under 3566.00 3561.00 ...would target 3556.25 3551.25 Signal status: LATE BIAS-DOWN . BIAS VIDEOS... INTRO // EXAMPLE