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's late rally from 3156.00 session lows-to-highs at 3174.00 had wasted little time extending higher overnight up to 3184.00. All of which was reversed down to 3138.00. Rallying into the open put into play a bias objective at 3177.00 that was attacked to within only 3 points. Reversing down again into the noon hour trended lower through the close down to 3133.00. Overnight action's new info... (nearby chart is last intraday session and Globex) The 3133.00 low was a likely candidate for ending the intraday slide based on measurements and timing. Immediately reacting up overnight and attacking 3150.00 wasn't surprising. But without yet having based at the low, it also wasn't surprising for the bounce to fail, probing fresh lows at 3125.50 before Europe's opens. Surprising is the volatility since then, rallying through the prior high to 3152.00 and now already probing back under yesterdays low down to 3129.00. If, then... (notes to accompany the Tour recording) Tuesday ended five consecutive higher closes, while printing a higher high overnight. Nearly forming a bearish Pivot Reversal keeps alive the potential for extending lower without delay anyway, while gapping up sufficiently could already reverse momentum up. Last night's price action is defined by this morning's bias signals, reflecting wide-ranging opinion, but not yet the resolution's direction. Breaking lower would target 3111.00, and any lower would start to suggest a deeper downleg is unfolding. The month-old Island's attraction was neutralized Monday, and only the interim Complex Ascending Triangle targeting new recovery highs is keeping alive further upside. Unfinished business at 3177.00 helps to inhibit launching a downleg. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3131.00 would be unlikely to trigger the 3127.25 bias-down signal. Exiting the open under 3143.00 would be unlikely to trigger the 3148.50 bias-up signal.

All already retraced. Rather than overlapping it, yesterday's 3136.50 close had begun serving as support pre-open. This made an immediately actionable post-open signal more credible. Especially since overnight swings had widened to suggest the market wanted to resolve Globex's sideways range. Quickly surging through 3145.00 soon worked through the 3148.50 bias-up signal, and then soon tested the 3160.25 bias-up target. RSIs diverged negatively into its retest up to 3162.25, still overlapping the bias-up target at 10:15 to avoid renewing the bias-up signal. But this is still a bias-up environment. Reacting down has room to test its 3148.50 bias-up signal as support. Probing under it now is attacking 3138.00. Not at least retesting 3148.50 as the bias environment lapses would require its eventual retest (unless the bias window were exited under its 3127.25 bias-down signal). Nothing prevents extending down deeper later to test 3111.00. Or extending the open's rally, which would next target a test of yesterday's unfinished business above 3177.00.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3158.50 3148.50 ...would target 3170.25 3160.25 Bias-down: under 3143.00 3133.00 ...would target 3130.75 3120.75 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . 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.

Close call. The open's surge peaked upon testing and retesting the 3160.25 bias-up signal by 2 points while RSIs diverged negatively. Bias-up triggered, so the window's lower-end required being defined by its 3148.50 bias-up signal if tested. And this morning's bias-up signal was probed, a lot. Having met the bias-up target without yet probing above the pre-10:15 high, the required retracement up to 3148.50 could be invalidated -- by exiting the bias environment under its 3127.25 bias-down signal. Price collapsed to 3126.00 where the bias-down signal's support stopped the drop. Its reaction trended up through the noon hour until touching unfinished business at 3148.50. That's also this afternoon's bias-up signal, and holding it has triggered no-bias. Resolving this afternoon's no-bias window in either direction isn't required, but any attempt would still be credible for extending either up to 3177.00 or down to 3111.00.

Wednesday's open was greeted at the choppy 3126.00-3152.00 overnight range's mid-point, and quickly rallied up to 3162.25. Meeting the bias-up target without renewing it, and without yet exceeding the pre-10:15 high, was reversed sharply to test the morning's bias-down signal down to 3126.00. Its support launched a recovery through the noon hour back up to the morning's premature broken 3148.50 bias-up signal as required. The final hour rallied back up to the morning's high to 3164.00. Unfinished business was left outstanding at the 3126.00 morning low's oversold RSIs. Wednesday's range isn't required to resolve in either direction, but breaking higher would target Tuesday's unfinished business at 3177.00. Breaking lower could extend down to 3111.00 without yet jeopardizing the ongoing recovery. Meanwhile, that string of 5 consecutive higher closes has now fed into 4 consecutive overlapping sessions. Either a top or a base, maintaining a gap up Thursday would be likely to extend higher through the morning. Not breaking higher would be top-heavy and suggest at least more backing-and-filling within the range. 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 morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3176.75 3166.75 ...would target 3192.50 3182.50 Bias-down: under 3162.00 3152.00 ...would target 3150.00 3140.00 Signal status: noN-BIAS, STILL TESTING BIAS-DOWN SIGNAL, TESTED BIAS-UP SIGNAL . 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.