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CHARTROOM LINK(s)
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(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
Gapping up Tuesday followed pre-open news from China, which had followed an already gigantic overnight rally. But post-open action didn''t improve, and price ranged flat-to-lower until the afternoon''s bias environment had begun lapsing. Even then, there was a false break up above 1920.00 but it never exceeded its 3-minute high before a sell signal triggered under 1917.75. Confirmation from fresh session lows through 3:10-3:20 then extended down gigantically through the close, fulfilling its minimum objective to probe under Monday afternoon''s lows down to 1860.00. Tuesday''s sellers gained traction for their efforts, similar to Monday''s sellers, who have yet to be rewarded for their efforts.

Overnight action''s new info...
Fresh lows down to 1850.50 were recovered to eventually launch a rally that continues rising at this moment. The rally resumed after reactions down from 1904.00 and 1909.00. and now fresh highs are testing 1915.00.

If, then...
Partially retracing yesterday''s late plunge is normal for a correction. It wasn''t necessary before extending down. But anything under 1916.25 is still within the realm of a temporary correction. Regardless, the gap back to yesterday''s close will require being filled at some point. If not already attracting price down through this morning''s open, then a rally could have clear passage through tomorrow''s open.

First Trade...
Exiting the open at 9:45 above 1899.00 would be likely also to exit the bias timing window at 10:15 above the 1891.75 to renew the bias-up signal. Exiting the open under 1878.50 would be unlikely even to trigger the 1880.75 bias-up signal at 10:15.

Second consecutive overnight rally fails to extend again.

Setups that appear sequentially tend not to resolve similarly. That didn''t prevent last night''s rally from peaking at the ope, just because Monday night''s rally had peaked there. Differences in how they peak can still differentiate their outcomes.

Since yesterday''s peak didn''t reverse down immediately, reversing down today essentially required doing so quickly and aggressively. Reverse-engineering that qualification would create the corollary that NOT trending down quickly would be bullish.

The open''s blip-up to 1917.75 was absorbed quickly as price reversed down aggressively, first to 1895.25, and then to 1885.00.

Bouncing into this mornings Fed speaker was rewarded by his dovish comments, which triggered a knee-jerk reaction up to 1905.00. But his comments only confirmed an already widely-held opinion, and follow-up comments seem less dovish, so that has reacted down to 1890.50.

This is still a bias-up environment -- in fact, renewed bias-up, although any renewed bias-up targets have been already-- so downside sponsorship is challenging, and difficult to extend. But so long as the bias environment isn''t exited back above 1905.00 and 1909.00, then the afternoon is vulnerable to retracing the balance of the overnight rally... for starters.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 1908.75
1905.00
...would target 1916.75
1913.00
Bias-down: under 1885.00
1881.25
...would target 1878.00
1874.25
Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL FAQ INTRO VIDEOS #1 and #2 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.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today''s Market Wrap.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Firming Tuesday night had reversed to gap down Wednesday and to protract the test of 1.1400 support, presumably before resuming the rally to probe above 1.1800, which would be triggered back above 1.1435.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday''s pullback from testing the 1169.00 target Monday extended down overnight to gap down Wednesday, testing the 1125.70 maximum pullback limit that would keep alive another bounce. It was probed down to 1117.00 before trying to recover into the close. Back above 1130.40 would signal momentum reversing up to at least test 11147.40.

Silver Sep Contract (SI, ETF: (SLV))
A couple of days of testing 14.65 support failed to hold as overnight selling trended down sharply and Wednesday''s open gapped down under all prior recent lows to attack 13.90.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday night''s bounce to within 1 tick of the 159-10 buy signal was reversed back down Wednesday by the open, extending down sharply intraday to attack 156-00. Back above 157-06 would still trigger a rally targeting 161.26.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday''s gap up hardly even firmed before Wednesday''s open, and the intraday action essentially flat-lined, further suggesting a likely probe to fresh lows fulfilling the 37.55 target before a credible rally leg can begin.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming further at Wednesday''s open exercised the same restrained optimism as Tuesday afternoon''s recovery from filling the gap back down to Monday''s close. No unfinished business below and no excessive optimism doesn''t greet Thursday''s EIA report from strength, but the an initially negative knee-jerk reaction down would be likely to recover and to reverse up. Closing above 2.77 would start to signal a new rally leg underway..

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 1952.25
1948.50
...would target 1960.25
1956.50
Bias-down: under 1935.75
1932.00
...would target 1924.75
1921.00
Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED FAQ INTRO VIDEOS #1 and #2 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.