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... (summary of last Market Wrap) WedEX's bearish influence prevented Monday's 2984.50 gap up from extending higher, and doomed the post-open probe up to 2988.50. The reversal to fresh post-open lows at 2978.50 could have done more damage. But it did do the minimum by filling the gap back down to Friday's 2979.75 cash session close. And it produced the likely resolution to afternoon highs at 2993.50. But pessimism remained alive and well, struggling to retake control. Probing back under the 2986.00 afternoon bias environment low threatened to signal that Monday's bounce would resolve down Tuesday. But the cash session close recovered back above the bias environment lows, and the bias environment high was being probed at the futures close. Not in itself signaling the recovery remained intact, but keeping the burden of proof is on sellers. Overnight action's new info... (nearby chart is last session and Globex) Monday's rejection of late sellers extended up to 2990.75 through the futures close. A brief dip to Monday's 2887.75 cash session close reacted up sharply and soon probed above Monday's high to 2995.00. A deeper dip to Monday's 2889.00 futures close began recovering into and out of Europe's opens, now testing resistance at this morning's 2997.75 bias-up target by 3 ticks. If, then... (notes to accompany the Tour recording) If the pullback from last week's highs is done, then its recovery is free to begin without further delay. At least triggering bias-up would be helpful. So would renewing the bias-up signal, having tested the bias-up target overnight. Meanwhile, the bias-up target is resistance, more so this morning since it coincides with Thursday's close. A bullish scenario still allows for backing-and-filling this morning down to yesterday's "lower prior highs" under 2990.00. Avoiding such a pullback all but requires trending up through the open. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2993.00 would be likely to trigger the 2991.75 bias-up signal at 10:15. Exiting the open under 2988.00 would be unlikely to trigger bias-up.

Treating it like bias-up. Overnight highs eventually extended up to 3001.00. That's essentially where the open was greeted, which was much more polite than how the open greeted it back. Post-open action immediately began reversing down, first to the 2997.75 bias-up target, and then through it. Recovering the 2997.75 bias-up target through 10:15 would have renewed the bias-up signal, next targeting 3004.00. But the 2991.75 bias-up signal was being overlapped at 10:15 to invoke the grace period. It was still being overlapped at 10:30 to trigger noN-bias. noN-bias. Not bias-up, which would require holding the the 2991.75 bias-up signal as support and retesting the 2997.75 bias-up target. Not no-bias, which would require holding the the 2991.75 bias-up signal as resistance, and an offsetting test of the 2980.50 bias-down signal (and an offsetting test of the 2973.00 bias-down target, too). But noN-bias. Nevertheless, price action since 10:30 has behaved like it's bias-up. Bouncing has attacked 2997.00. If the market wants to behave like it's bias-up, then I'll treat it that way. So long as no pullback limit is violated or sell signal is triggered, the 2997.75 bias-up target is an attraction. The bias environment lapsing could resolve either way.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2996.50 2998.50 ...would target 3001.75 3003.75 Bias-down: under 2985.00 2987.25 ...would target 2978.25 2980.50 Signal status: NO-BIAS . 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.

Neither bias signal tested. Today's range, choppiness and pattern has been largely noise. Rejecting the gap up and the bias-up target didn't reverse so far as to turn negative. And now the afternoon has triggered no-bias, without even touching either bias signal. Buyers don't get any extra benefit of the doubt. And the 2998.50 bias-up signal should define the window's upper-end if tested. Meanwhile, sellers are dangling on the thread of marginalization by holding the morning and noon hour lows. Now trading just under this afternoon's 2998.50 bias-up signal, extending much higher would be more difficult than reversing down when there's room to its 2987.25 bias-down signal. Exiting the bias environment under this morning's lows would suggest that sellers cut the thread. Rallying out of the bias environment would be credible for resuming the recovery.

One more push higher to 3001.00 before Tuesday's open was nevertheless rejected post-open. Collapsing immediately through the 2997.75 bias-up target extended to test its 2991.75 bias-up signal as support down to 2990.75. The test held, twice, both times bouncing back to the bias-up signal. A China trade headline triggered a surge to 3007.00 that gradually firmed another 6 ticks into the close. But the surge originated during a no-bias environment, so retracing its 2998.50 bias-up signal has become "unfinished business." It can be neutralized overnight, and might be. Already 3000.00 was attacked when Techs tumbled on post-close news that DOJ is reviewing them for antitrust violations. Nothing requires 2998.50 to contain another reaction down. Two sessions of rallying haven't yet retraced the range from Friday's lower-end to its upper-end. Which is a lot of buying pressure to expend just as noise. Not already rallying into Wednesday's open could see another deeper pullback intraday. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3008.25 3010.25 ...would target 3016.50 3018.50 Bias-down: under 2999.75 3002.00 ...would target 2994.25 2996.50 Signal status: NO-BIAS, TESTED BOTH BIAS SIGNALS . 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.