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) Tuesday's intraday pattern duplicated the overnight action that greeted it. Monday night reversed from probing either end of the intraday range. Two new Globe trend extremes were promptly probed up to 3390.00 by Tuesday's opening surge. Its reaction down collapsed even faster, and much deeper down to 3365.25. And if reversing from probing either end of the overnight range wasn't similar enough to the overnight pattern, the morning's reversal was recovered back through its origin up to 3390.75. Just enough time remained for the close to dip back under prior highs. Overnight action's new info... (nearby chart is last intraday session and Globex) Somewhat similar to the prior night, but on a miniaturized scale, the open is currently indicated at or above yesterday's highs. A couple of slightly higher highs into midnight up to 3393.75 had included the complexity that qualifies as a new Globex trend extreme. Reacting down through Europe's opens probed negative territory down to 3383.25. Its recovery has so far only attacked earlier highs. If, then... (notes to accompany the Tour recording) Last night repeated this week's pattern of dual new Globex trend extremes, interrupted by a deep dip. One exception, other than being relatively shallow, is the interim dip only turned negative and didn't probe prior lows. Last night's dip did probe the 3385.75 earlier Globex low, for a second time. It is still within reach of a pullback if attempted, and that could form the bearish Isolation and Globex-flip setups. Meanwhile, the new unfinished business at 3393.75 isn't much above yesterday's range. Higher highs would make a pullback more difficult to damage the rally's momentum. Yesterday's buyers continued expending energy when they weren't gaining traction for their effort. The new high overnight precludes sellers from triggering a trend reversal today, but not from trying But if sellers aren't even trying to be productive through the open, then much stronger uptrending should be underway. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3398.25 would be likely to trigger the 3395.00 bias-up signal. Exiting the open under 3388.00 would be unlikely to trigger bias-up.

Narrow ranging resumes. The 3390.00 open was under prior highs, reflecting no upside momentum. It could have developed through the open, but that window had to absorb a dip down to 3386.75. Which it was, holding above the earlier Globex low to avoid forming a bearish Globex-flip setup. The upside inflection at 3391.25 has been touched, pierced, and now probed up to 3392.50. Retesting last night's 3393.75 new Globex trend extreme is likely sooner rather than later while price remains in its orbit. But no upside is reliable without momentum. The path up can detour down to stretch the rubber band so it will snap back up. Under 3385.75 would target 3381.00 if not also 3377.00. Otherwise, retesting the overnight high this morning might lack sponsorship to absorb its reaction down.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3398.25 signal would target 3408.00. BIAS-DOWN: under 3388.00 signal would target 3381.00. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3402.50 3398.25 ...would target 3412.25 3408.00 Bias-down: under 3392.00 3388.00 ...would target 3385.00 3381.00 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.

Awaiting FOMC Minutes. No one is suggesting that the 2:00 FOMC Minutes release will rock the markets. It hasn't in a long while. But it's from the Fed, so it can inhibit price action while awaiting it. Meanwhile, price is hovering at or above yesterday's highs. Overnight highs were retested as was required, including a visit to this morning's 3395.00 bias-up signal as was likely. Once again, no unfinished business is outstanding so the rally needs to reassert its upside momentum. Closing above yesterday's highs can fulfill that condition. Alternatively, closing lower -- sliding this afternoon, not just failing to hold positive territory -- could set the tone into and out of expiration. The first half of the WedEX signal will be determined at today's close.

Slightly higher overnight highs had once again filled the void of unfinished business to help attract price higher Wednesday. Opening under prior highs had inhibited the rally's momentum, so delaying the overnight high's test limited it to the morning's 3395.00 bias-up signal. The impending FOMC Minutes inhibited extending any higher. A delayed reaction slid sharply through the close down to 3365.50 -- coming to within 1 tick of Tuesday's oversold RSIs. No unfinished business above was left outstanding. Unfinished business could have formed by closing above Tuesday's high to confirm its borderline breakout. To the contrary, Wednesday's close did enough damage to reject Tuesday's breakout effort. This is the most opportunistic setup for a deeper reversal to develop, and no further consolidation or backing-and-filling is necessary before extending down deeper. 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 3378.00 signal would target 3389.00. BIAS-DOWN: under 3363.50 signal would target 3350.50. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3382.25 3378.00 ...would target 3393.2 3389.00 Bias-down: under 3367.50 3363.50 ...would target 3354.50 3350.50 Signal status: NO-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.