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) Sunday night's opening surge from Thursday's 3695.00 close had extended up to 3727.00 overnight. Dipping down to 3716.00 through the open was quickly reversed back up and extended to test 3732.00 at afternoon highs. The final hour slipped to 3725.00. A bullish gap-and-pause setup failed to form when the afternoon maintained its probe above the morning's high. This would have made a pullback likely Tuesday and then its recovery likely Wednesday. That visibility isn't available because buyers were impatient. Overnight action's new info... (nearby chart is last intraday session and Globex) Immediately rallying surged through the 3733.25 bias-up signal to range flat-to-higher into the 3742.00 bias-up target. Breaking higher through the bias-up target at midnight attacked 3748.00 to range sideways again. Price action's complexity above prior highs qualifies it as a new Globex extreme. If, then... (notes to accompany the Tour recording) The rally's 3750.00 target area begins within 3 points of it, so the lower-end is now probed overnight. Above 3750.00 now has room for noise up to 3757.00. None of requires being tested, or tested intraday, although that's common. Especially since price action's complexity qualifies it as a new Globex extreme, which requires intraday retest, often the same day. Trending up through the first 15 minutes would still suggest this morning will trend up, too. Gapping up above yesterday's 3732.00 prior high would create unfinished business that requires filling the gap after retracing back into a prior session's range. None of which marginalizes the growing anecdotal observations of the rally's thinning sponsorship and shorter attention span. The trend's momentum meanwhile remains up. Bias Parameters... (linked here)

ALSO: I'M AWAY FROM THE SCREENS THIS AFTERNOON. You've arrived at your destination, indeed. This morning's open came within 6 ticks of the overnight high at 3746.25. The first 15 minutes didn't trend up or probe overnight highs. The only bullish influence was the open's consolidation holding the 3742.00 bias-up target as support through 9:45. But that only suggests buyers will absorb a downdraft. And a downdraft did develop.

Trending back down through 10:15 attacked 3724.00. Rejecting both bias-up parameters has put into play offsetting tests of both bias-down parameters of 3723.00 and 3217.00.

Currently, a bounce to 3734.50 is testing the 3733.25 bias-up signal as resistance. It's too late for its recovery to trigger bias-up or to invalidate no-bias. Any higher would be no-bias trending that requires being retraced. That said, above 3737.00 would suggest the 3744.25 open and 3747.75 overnight trend extreme are being retested, first.

TUE P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3738.00 signal would target 3747.00. BIAS-DOWN: under 3725.25 signal would target 3717.75. NO-BIAS: between both signals. TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3746.50 3738.00 ...would target 3755.50 3747.00 Bias-down: under 3738.75 3725.25 ...would target 3726.25 3717.75 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE

REMINDER: I'M AWAY FROM THE SCREENS FOR THE BALANCE OF THE DAY. MARKET WRAP'S RECORDING WILL BE DELAYED. The open's slide to 3724.00 reacted up, but only to range sideways back up to 3735.00 through the entire morning bias environment. Sudden stability is not strength, so bounces were likely to fail while the lower attractions remained in-play. Lower attractions were this morning's offsetting tests of both of its bias-down parameters. Another downleg at noon compensated for the delay by slicing through the morning's 3723.00 bias-down signal on the way to its 3715.00 bias-down target. Its oversold RSIs developed during the noon hour so they don't require a retest. Now this afternoon's 3717.75 bias-down target has held its test to avoid renewing bias-down. The only unfinished business is above. Overnight action established the Globex trend extreme attacking 3748.00, which requires intraday retest. That would necessarily also neutralize the gap up to 3744.00 above all prior highs which wants to be filled from below. Having printed a new trend extreme, today's session is disqualified from also triggering a trend reversal. Extending down further this afternoon anyway would next target 3706.00 and 3701.00.

Rallying out of Monday's close was done by midnight. Ranging sideways into Tuesday's 3744.00 open didn't attract new sponsorship, and the rest of the open slid to 3724.00. The sudden stability of ranging sideways through the entire bias environment was not strength. So the noon hour broke lower to fulfill the morning's  3715.00 objective. The balance of the session ranged sideways through the 3721.00 cash session close. Unfinished business had been created overnight at its Globex trend extreme attacking 3748.00, which requires intraday retest. Along its path is Tuesday's 3744.00 gap up above all prior highs which wants to be filled from below. I would expect their test to include 3750.00, if not also 3757.00-3758.00. Printing a new trend extreme disqualified Tuesday from also triggering a trend reversal. The unfinished business above doesn't prevent a deeper correction. Extending Tuesday's drop through Wednesday could entrench the downleg into and out of the New Year's weekend. 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].

WED A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3730.25 signal would target 3739.75. BIAS-DOWN: under 3715.00 signal would target 3706.00. NO-BIAS: between both signals. WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3738.75 3730.25 ...would target 3748.25 3739.75 Bias-down: under 3723.50 3715.00 ...would target 3714.50 3706.00 Signal status: LATE BIAS-UP . BIAS VIDEOS... INTRO // EXAMPLE