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) An overnight surge had fulfilled the rally's next higher objective at 3013.00-3014.00. Reacting down was recovered almost entirely by Tuesday's 3011.00 open. The balance of the session ranged choppily 3-4 points either way around 3011.00. Until the bias environment started lapsing at 2:30, when a Brexit headline triggered a sell-off down to 2991.50-2992.50 through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Post-close selling had attacked 2988.00 before the Globex open. Its reaction up to 2994.00 resolved down to fresh lows at 2982.00 and stopped the decline. Flat-to-higher though midnight became trending into Europe's opens, and extended into positive territory up to 2997.50. Two headlines -- CAT Lowers Guidance and Brexit -- have triggered reactions down to 2984.50. If, then... (notes to accompany the Tour recording) Not extending higher all day Tuesday had already made a deeper pullback likely. Even in the most bullish scenario, a for stronger-handed buyers below was needed since they weren't attracted to Tuesday's highs. The Brexit headline reaction skews the pullback's timing. The overnight extension threatened to reverse the trend of higher highs and higher lows and end the rally -- but isolating it could instead snap the rubber band back up into rally mode Wednesday. The Isolation setup is possible, but was much more possible an hour ago before the CAT and Brexit headlines. Yesterday's pre-open buyers were pretty productive, so recovering enough for an Isolation setup is still possible, but must start its recovery now. Otherwise, resuming the decline and just stretching the rubber band look identical at their beginning, so we'll monitor for either. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2993.50 would be unlikely to trigger the 2990.50 bias-down signal at 10:15. Exiting the open under 2988.00 would be likely to trigger bias-down.

Struggling to maintain positive territory. The recovery from last night's 2982.00 low had reached 2997.50 when earnings and Brexit headlines triggered the recovery's retracement. The reaction came to within 1 tick of the 2983.50 bias-down target before beginning another recovery. My pre-open update described the likely path for popping up to the 2994.00 area and reversing down into a much more durable bottom. But I had calculated that bottom at 2988.00, which was only attacked to within 2 points before reversing up sharply to attack 2999.00.

Perhaps the premature low's excessive optimism is responsible for being seemingly stuck at 2999.00. More than a half-hour since first touching it, and a consolidation is testing 2993.50.

But the excessive optimism also remains vulnerability to producing a fresh post-open low, if not also to resuming the decline. Meanwhile, holding this morning's 2990.75 bias-down signal's test has put into play an offsetting test of the 3000.50 bias-up signal.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3005.25 3004.50 ...would target 3011.25 3010.50 Bias-down: under 2995.50 2994.75 ...would target 2988.75 2988.00 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.

And a Bitcoin comment. The morning's recovery eventually fulfilled the bias objective for an offsetting test of its 3000.50 bias-up signal. Probing higher into the morning bias environment exit got up to only 3002.50. Trending back down into the afternoon bias environment entry got down to 2996.25. This is a no-bias environment. Its range should be defined by the 2994.75-3004.50 bias signals, if either were tested. Trending in either direction coming out of the bias environment would be credible for extending, whether up or down. Neither resolution is required. If the purpose of this morning's weakness has been to find stronger-handed sellers, then it remains possible to rally into the final hour. Meanwhile, after threatening 8400, Bitcoin has collapsed under 8000 to fresh lows. Both of the next lower objectives at 7540 and 7365. Patterns cannot trigger a reversal signal on the same day as printing  new trend extreme. And this low is too abrupt to be a bottom. But choppiness at these lows would likely be viewed as forming a bottom.

Tuesday afternoon's slide to 2994.00-2995.50 had extended lower overnight. Not by a little -- down to 2982.00 -- but not for long. Its recovery got up to 2997.50 before its reaction attacked the overnight low. But Wednesday's 2992.00 open soon resumed the recovery up to the morning's 3002.50 high. Another reaction through the afternoon bias environment exit got to 2992.50 while RSIs diverged positively. Its low was well-telegraphed, with a likely reward of fresh session highs if buyers gained traction. Which they did, climbing to 3006.00 through the close. No unfinished business below or structural objective was left outstanding. There is no bullish reason for another deep pullback or backing-and-filling before extending back up to 3013.00-3014.00. A compelling hold-long had formed before Wednesday's final minutes surged aggressively through the morning's high. Regardless of the likelihood for gapping up, derailing Wednesday's recovery would all but require gapping down under 2995.50 or at least breaking under it very early. 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 3007.25 3006.50 ...would target 3013.75 3013.00 Bias-down: under 2998.50 2997.75 ...would target 2991.50 2990.75 Signal status: NO-BIAS, TESTED BOTH BIAS-UP PARAMETERS . 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.