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) Not gapping up Tuesday prevented the morning from trending up since Monday's rally had not gained traction for its effort. The likely 3510.00 pullback target held through the morning before the afternoon bias environment probed it down to 3491.50. Its reaction attacked the afternoon's 3517.00 high before correcting 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back down to 3500.00 through the last half-hour. Overnight action's new info... (nearby chart is last intraday session and Globex) The last half-hour's correction immediately began recovering at the Globex open. Consolidating after midnight was done soon after Europe's opens, extending to within 3 ticks of yesterday morning's opening high at 3524.00. All of which was retraced within 2 hours, and then some, suddenly collapsing to test 3494.00. Its latest reaction is now attacking 3506.00 above. If, then... (notes to accompany the Tour recording) Relevant support at 3501.50 had held yesterday by isolating a probe under it down to 3491.50. But sellers weren't altogether rejected by closing back above the afternoon's 3517.00 high. It was only attacked, stopping pessimistically short of even touching it, which can be bullish from a contrarian perspective. Perhaps that enabled the initial overnight. Probing 3517.00 intraday before closing back under it would have been bearish. Now having probed above it overnight is indicated to open considerably back under it. Exiting the open back under 3501.50, if not also under 3493.50, would next target 3482.00. A retest of Monday's 3541.00 high up to 3546.00 would be the likely reward for absorbing this late pre-open slide. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 3508.00 would be unlikely to trigger the 3512.00 bias-up signal. Exiting the open above 3517.75 would be likely to trigger bias-up. Exiting the open above 3501.50 would be unlikely to trigger the 3493.50 bias-down signal.

Another nice try. The onus wasn't on buyers to gain traction yesterday afternoon since the session wasn't a rally. So, gapping up today wasn't necessary to rally this morning. Gapping up above yesterday afternoon's 3517.00 high would have formed a bullish setup, but probing it overnight by 7 points was already rejected. The 3508.00 open extended higher to test 3520.00, probing both the 3512.00 bias-up signal and 3517.00 was also rejected. A late no-bias has put into play an offsetting test of the 3494.00 bias-down signal. Just revisiting 3501.50 intraday has made lower lows likely to extend down to 3482.00. Probing under 3501.50 could be isolated to the bias window, except that trick was already done yesterday. And a rally not already exploiting it means that wasn't the pullback's ultimate low. Nevertheless, being a late no-bias, I'm entertaining one opportunity to ignore any lower objective and to reverse back up. A 3508.00 buy signal is now being tested, and back above the 3512.00 bias-up signal should extend higher very aggressively if valid. Otherwise, fresh morning lows would look for stronger-handed buyers in the 3479.50-3486.00 area, probably at 3482.00.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3493.50 signal would target 3503.50. BIAS-DOWN: under 3479.50 signal would target 3466.00. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3501.50 3493.50 ...would target 3511.50 3503.50 Bias-down: under 3487.50 3479.50 ...would target 3474.00 3466.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Done with down? Retesting 3501.50 intraday wasn't likely to hold as it had yesterday, isolating a probe under it during the morning bias environment. That trick only works once, or else it hasn't worked at all. But its retest delayed breaking lower, taking time for a reaction back above it to be isolated to the morning bias environment. Exiting the bias window extended to the next lower 3482.00 target without delay. Its reaction wasn't very productive. Fresh lows down to 3472.00 did avoid triggering the 3479.50 bias-down signal. But being no-bias isn't preventing probing back under the bias-down signal. This is no-bias trending that will require retracing 3479.50, if not already retraced as the bias window lapses. Extending down would next target 3464.50-3466.00. Otherwise, reversing the trend up could extend to 3509.00 just as a corrective bounce, without yet being confident in extending back to Monday's high.

Both an overnight rally and an opening rally probed above Tuesday afternoon's 3517.00 high, and both reacted down sharply. Wednesday's post-open reaction got to 3501.50, which there was no longer any bullish reason to test. Its next lower objective at 3482.00 was met by noon, and the remaining timing windows all ranged choppily around it. Three tests of 3472.50 each reacted up higher and higher to ultimately attack 3494.00, and still dipped to 3477.00 through the close. The second consecutive downtrending session follows four consecutive uptrending sessions that had gapped open. The uptrend's string isn't usually reversed without retesting its high, and one pullback day would have sufficed. While a slightly lower low around 3470.00 remains possible -- and its test cold be resolved and recovered overnight -- almost any opening strength Thursday would be credible for launching the recovery. Otherwise, 3535.00 is the next lower prior highs to extend the pullback. With only a little more room below it available as noise, almost any lower low would suggest the reversal from Monday's 3541.00 high is extending down anyway. This continues to be the much less likely scenario. 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 3488.00 signal would target 3498.25. BIAS-DOWN: under 3474.00 signal would target 3464.50. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3497.50 3488.00 ...would target 3506.75 3498.25 Bias-down: under 3482.50 3474.00 ...would target 3473.00 3464.50 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE