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) Relentless Overnight Trending had probed above last Tuesday evening's 3655.00 high to 3661.00, which the gap up exceeded, too. Uptrending through the first 15 minutes signaled reinforcements had arrived to all marginalize sellers. Higher highs through the afternoon up to 3677.50 were ambushed by Covid stimulus headlines that reacted back down to 3655.50, consolidating through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Often a late afternoon headline's knee-jerk reaction will probe or extend further overnight and/or the next morning. Tuesday's dip to 3655.50 did initially extend down to 3642.50. The excess was recovered entirely up to 3658.00, ranging choppily sideways back to 3646.00 since Europe's opens. If, then... (notes to accompany the Tour recording) Wednesday is being greeted with no unfinished business or other objective nearby. Having retraced only 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} before the close, retracing that much again should all but ensure retracing the reaction's origin. Which could reset the credible attempt at extending higher that was ambushed by the headline. Not already recovering through the open could extend the pullback down to lower prior highs at 3636.00 and 3631.00 while still maintaining the rally's momentum.

Still a lot of resistance above. Overnight lows at 3642.50 already fulfilled potential for extending yesterday's late knee-jerk headline reaction down to 3655.50. But that didn't neutralize the potential for more. The interim bounce up to 3658.00 was retraced pre-open and post-open, eventually piercing the overnight low by 1 tick. Vulnerability for post-open weakness to extend down more substantially was avoided. Late no-bias has triggered by ultimately recovering the 3651.75 bias-down signal. An offsetting test of the 3674.00 bias-up signal is in-play. And it is confirmed by post-10:15 and post-10:30 higher highs testing 3659.00. But a few caveats: Yesterday's late higher prior lows, a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the final hour's range, and the gap back to yesterday's cash session close, all offer resistance up to 3661.50. Another detour down to fresh lows can't be dismissed, despite the upside attraction. Buy signals still get every benefit of the doubt if triggered, but beware their pullback limits, and sell signals are still credible for a brief probe lower.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3668.00 signal would target 3679.00. BIAS-DOWN: under 3653.50 signal would target 3643.00. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3670.00 3668.00 ...would target 3681.00 3679.00 Bias-down: under 3655.50 3653.50 ...would target 3645.00 3643.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

But an attraction outstanding above. Holding this morning's bias-down signal put into play an offsetting test of its 3674.00 bias-up signal. It now becomes unfinished business above. Not that its attraction has mattered much since its bias window lapsed. Ranging narrowly sideways through the noon hour between 3659.50-3664.00 has now avoided touching either afternoon bias signal. Despite the higher attraction, a pullback in search of stronger-handed buyers below remains possible. Back under 3657.50 would have room down to the 3653.50 bias-up signal. Breaking higher first would still have room up to the 3668.00 bias-up signal. Either signal can be probed without consequence when the bias environment starts lapsing in an hour.

REMINDER: I'M AWAY FROM THE SCREENS FOR THURSDAY'S FIRST TWO HOURS. MARKET TOUR TIME WILL BE A LITTLE DIFFERENT AND I'LL EMAIL AN ALERT WITH ITS TIME. Wednesday's open immediately repeated the overnight dip, which had extended Tuesday's late headline reaction from 3677.00 down to 3642.50. Reacting back up triggered no-bias, putting into play a test of its 3674.00 bias-up signal. The morning's rally stopped 10 points short before correcting down to 3655.00. The afternoon rally got to within almost 2 points, while gaining PM traction. The PM traction setup expects Thursday morning's bias environment to trend up. Beyond Wednesday's 3674.00 unfinished business is the next higher objective at 3679.00. It hasn't yet been so teased to make its eventual test only obligatory, but breaking through it would nevertheless target 3692.00. Ignoring the upside influences to instead trader weaker Wednesday morning could be satisfied by backing-and-filling down to 3650.50. But any lower for any duration starts making 3535.00 and lower likely. 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 3674.00 signal would target 3692.00. BIAS-DOWN: under 3660.25 signal would target 3648.75. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3676.00 3674.00 ...would target 3694.00 3692.00 Bias-down: under 3662.00 3660.25 ...would target 3650.50 3648.75 Signal status: LATE BIAS-UP . BIAS VIDEOS... INTRO // EXAMPLE

REMINDER: I'm away from the screens for Thursday's first two hours, i.e. the morning bias environment. Also, the pre-open Market Tour will begin at 7:30 AM ET. Thanks!