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... Tuesday's second consecutive gap down to 2910.00-2911.00 immediately rejected Monday's recovery above 2920.00 to its 2834.00 cash session close. Extending down into the last half-hour touched fresh 5-week lows at 2862.50, coming to within 2 points of the late-March distributive pattern that had formed a momentum peak. Tuesday's final hour entry and proxy window didn't confirm that sellers were gaining traction, and its attempted downleg was reversed up sharply through the position-squaring window to attack 2887.00. Another 5 points were added after the cash session close. Overnight action's new info... Tuesday's late bounce attacked 2892.00-2894.00 which had been influential through this week's opens. Two pullbacks were recovered through the night to probe higher and higher up to 2899.50 after Europe's opens. Two possible patterns formed, a Rising Channel and an Ascending Triangle. Whichever, the high has since reversed down, first to hover just under the 2879.50 bias-down signal, and now probing the 2872.75 bias-down signal by 4 points. If, then... (notes to accompany the Tour recording) Having bounced up to 2892.00-2894.00 yesterday, holding its resistance through today's open would maintain the decline that next targets 2846.00-2851.00. So, a post-open bounce is possible without reversing the trend back up. Probing above 2892.00-2894.00 overnight could have tested 2910.00-2911.00 and still been likely to resolve down. Now the overnight high's attack on 2900.00 should limiting. No bounce is required, and the decline is free to resume at any time -- and at any slope. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2877.00 would be likely to trigger the 2879.50 bias-down signal at 10:15. Exiting the open above 2885.50 would be unlikely to trigger bias-down. Exiting the open under 2869.00 would be likely also to exceed the 2872.75 bias-down target through 10:15 to renew the bias-down signal.

The most common signal, but lately rare. Rallying overnight up to 2899.50 had probed this morning's bias-up signal by 5 points. Its reaction down ultimately probed both the bias-down signal and target by 11 and 4 points respectively to 2868.75. Both bias-down parameters were recovered through 10:15 to trigger no-bias. Having held a test of the 2979.50 bias-down signal, an offsetting test of the 2894.50 bias-up signal is in-play. Also rejecting the 2872.75 bias-down target would put into play an offsetting test of the 2902.75 bias-up target. But the bias-down target wasn't touched post-open. However, it was attacked to within 1 tick, so testing the bias-up signal during the no-bias environment might still extend higher.

Speaking of which... An incredibly choppy open is only now resolving up. A fresh post-10:15 high at 2888.50 had confirmed the bias-down signal's 10:15 rejection. But that didn't prevent another test of the bias-down signal to 2876.50 -- albeit too late to invalidate the clean 10:15 signal.

Finally, a China trade headline has triggered a 16-point spike up to 2896.75, fulfilling the bias-up signal, and retested up to 2898.75. So substantial of a reaction is likely the product of its attraction above. Back under 2885.50 would signal momentum reversing down. Meanwhile, no-bias trending above its bias-up signal could extend to the 2902.75 bias-up target.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2895.25 2895.25 ...would target 2902.50 2902.50 Bias-down: under 2880.75 2881.00 ...would target 2875.00 2875.25 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.

Are session highs in? Then this doesn't end well. This morning's offsetting test of its bias-up signal was fulfilled by surges that attacked 2899.00. The catalyst was China trade headlines, notorious for being retraced. The 2880.50 origin was attacked to within 5-6 ticks. Now the afternoon's 2885.25 bias-up signal has held tests as resistance to also trigger no-bias. This setup during the morning would require an offsetting test of the 2881.00 bias-down signal. The afternoon only requires that either bias signal now define the window's range if tested. Extending anyway through the bias-up signal during the no-bias environment would be "no-bias trending" that requires being retraced. Meanwhile, there's potential for dipping, but no requirement. And no requirement for resuming the decline before the close, but a lot of potential for that, too.

Tuesday night's bifurcated sentiment had at first extended the intraday late surge. An abrupt shift at the 2899.50 overnight high reversed down suddenly, sharply and steeply to 2868.75. All before Wednesday's open. Almost all of which was recovered during the morning's bias environment. The balance of the session ranged widely, but only because of its already wide range. A dip retraced most of the morning's surge, and most of that retracement was recovered. The afternoon's 2895.25 bias-up signal held its test and held the afternoon's buyers. A very late sell signal triggered under 2891.50 and momentarily probed its 2884.50 target down to 2879.00. The drop's sponsorship was weak-handed, exploiting the stalled recovery. Its break wasn't going to be predictive, and neither is the session's Inside Day. The decline remains vulnerable to resuming at any time, but gapping up above Wednesday afternoon's highs could produce a detour. 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 2885.75 2885.75 ...would target 2891.75 2891.75 Bias-down: under 2876.00 2876.25 ...would target 2869.50 2869.75 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . 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.