Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE First, watch the pre-open Tour recording HERE <<== Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close... Monday's reversal from its 2814.00 recovery high had extended down overnight to 2783.25. Perhaps it was a the product of anxiousness ahead of Tuesday morning's Fed Chair Senate testimony. Firming back up to 2791.50 at the open put into play a test of 2802.00, which was met at the 2803.25 late-morning high. A mid-day dip was recovered coming out of the environment to retest the morning's high. But no higher, and the last half-hour trended back down to 2791.50, flat with the open. Overnight action's new info... Tuesday's late slide didn't hesitate before extended lower to quickly print 2786.50, or before reacting back up to 2791.50 resistance. Not very interesting until trading on the CME was halted around 7:40 pm ET, leaving a 3-hour hole in the charts. Testing 2793.25 before and after midnight collapsed to test and retest Monday night's 2783.25 low. Bouncing 4 points through Europe's opens was resolved back down again, this time to test Friday afternoon's 2781.50 low. Now another bounce is testing 2786.00. If, then... (notes to accompany the Tour recording) Retesting Monday night's dip isn't surprising. Yesterday's intraday recovery was rewarded only with choppy sideways ranging. Its retest by proxy or by probe was likely. Opening back above Tuesday's 2789.50 low could isolate the weakness to help launch a retest of Monday's highs. Otherwise, lower lows have room down to 2777.00 before suggesting the drop from Monday's highs is heading for 2754.00. The catalysts for volatility still include today's 10:00am Fed Chair testimony, Turmp's Hanoi visit, and escalation of the India-Pakistan conflict. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2781.50 would be likely also to exceed the 2784.25 bias-down target through 10:15 to renew the bias-down signal. Exiting the open under 2788.00 would be likely at least to trigger the 2790.75 bias-down signal at 10:15. Exiting the open above 2794.00 would be unlikely to trigger bias-down.

Post-open surge reacts down sharply, tries to bottom. The 2780.50 overnight low's recovery to 2787.50 suddenly surged at the open, extending to 2792.50 as the opening 15 minutes of volatility lapsed. That was sufficient for reversing back under 2790.00 to trigger a sell signal, which quickly dipped back down to the 2784.25 bias-down target. Then one of today's volatility catalysts was heard from -- the U.S. China trade negotiator. Reaction to the headlines triggered a collapse down to the decline's next lower objective at 2777.00. Its 5-point bounce up to 2782.25 reacted back down to momentarily probe a fresh low at 2775.00. But that has been recovered to 2783.50. Back under 2777.75 would get another chance to resume the decline. Exiting the bias environment under 2777.00 would put into play the next lower objective at 2754.00.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2792.75 2792.75 ...would target 2799.50 2799.50 Bias-down: under 2782.75 2783.00 ...would target 2777.50 2777.75 Signal status: noN-BIAS, STILL TESTING 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.

Recovery from significant support is almost fully rejected. The post-open collapse down to 2777.00 held a retest down to 2775.00 while 1-minute RSI diverged positively. Their 2782.00 interim high was recovered as price action grinded back up to 2790.75 during the noon hour. Surging out of the noon hour reached 2795.00. But this afternoon's 2792.75 bias-up signal was being overlapped at both 1:20 and 1:30 to avoid triggering. This is a noN-bias environment. Not bias-up with a target in-play, and not no-bias resisted by its bias-up signal. There is no restriction against extending higher, and sellers are all but marginalized.

Another downleg could get underway, but it would be difficult. It can't be overstated how meaningful it is to isolate the open's test of significant support. And overbought RSIs at the 2795.00 high would inhibit reversing down.

Still, a recovery can't be signaled until the close, and even another fresh session high would remain vulnerable to being rejected. But maintaining another fresh high through the bias environment lapsing would become extra-vulnerable to a bullish short-squeeze through the close.

Closing flat Tuesday with the opening print seemed too little reward for having recovered from Monday night's drop -- regardless of the wide intraday range. That's why Tuesday night's drop to lower lows wasn't surprising. Keep that in mind. Tuesday night's drop to 2780.50 was recovered enough for a post-open surge to 2792.50. None of which absolved the same weak-handed sponsorship that was likely to resolve down. And it did, collapsing to test the next lower objective at 2777.00 and retesting it by 2 points. Everything under the morning's 2784.25 bias-down target was a knee-jerk reaction to China trade headlines, an artificial catalyst likely to be retraced. Its timing was ultimately isolated to the bias environment, inhibiting another timing window from repeating the effort. The intraday recovery eventually reached 2796.25, back in positive territory and above the open's initial high. So, was that enough reward for having absorbed the open's collapse? Not necessarily. The cash session close was still overlapping Tuesday's 2791.50 open and close. Post-close action extended up to 2797.25, but that's post-close action. Thursday's open should already be in rally mode unless another downleg is underway. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2798.00 2798.00 ...would target 2805.25 2805.25 Bias-down: under 2787.75 2788.00 ...would target 2781.25 2781.50 Signal status: noN-BIAS, TESTED BIAS-DOWN 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.