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) Gapping up 17-19 points Monday extended through its 3192.00 opening print and improved to within 3 ticks of touching the rally's 3203.00-3206.00 objective. Maintaining through the bias environment formed a Gap-and-Go setup. Trending attempts for the balance of the session would likely react back toward earlier highs. In fact, the afternoon's sell signal reached its 3195.50 target at the final minute, and bounced back up to 3200.00 through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Monday's late bounce was reversed back down through its late low to 3193.00. Its reaction rallied steadily to greet Europe's opens within 1 tick of yesterday's 3202.50 high. Reversing down again was even more substantial, probing fresh lows back to natural support at yesterday's 3192.00 open. Now another bounce is testing 3197.00. If, then... (notes to accompany the Tour recording) The day following a Gap-and-Go tends to extend the counter-trend. This makes a deeper pullback likely, which the overnight drops might have satisfied already. But only a gap up would be credible for extending the rally without delay, more than just probing intraday above yesterday's highs. Actual trending to fresh highs is likely this week to reward the Gap-and-Go, so long as a pullback doesn't get carried away. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 3191.50 would be likely to trigger the 3193.75 bias-down signal at 10:15. Exiting the open above 3195.50 would be unlikely to trigger bias-down. Exiting the open under 3199.00 would be unlikely to trigger the 3201.00 bias-up signal at 10:15. Exiting the open above 3204.00 would be likely to trigger bias-up.

Pullback day ahead? Unless gapping up, the next session following a Gap-and-Go tends to back-and-fill. Last night's two probes lower at 3192.00-3193.00 might have already fulfilled this characteristic. Their interim recovery back up to yesterday's highs at 3202.25 suggested that volatility wouldn't be subdued. Volatility has not been subdued. Rallying again pre-open probed fresh highs up to 3203.50, which the open retested. But not to gap up above prior highs, so trending up this morning remained unlikely.

Reacting down to 3196.00 had triggered no-bias at 10:15. Touching the 3201.00 bias-up signal within 3 minutes invoked the grace period, and it was still being tested at 10:30. While this is officially a noN-bias that can ignore the bias parameters, I'm giving no-bias a benefit of the doubt because of how late the grace period was invoked.

So, being a "late no-bias," an offsetting test of the 3193.75 bias-down signal is in-play. Nothing dictates the path there should be direct, and anyway its likely to be choppy and sloppy. I'll still honor a buy signal above 3202.25, whether during this morning's window or after. Probing new highs this afternoon would again be vulnerable to trending up.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3199.00 3203.00 ...would target 3204.00 3208.00 Bias-down: under 3194.25 3195.50 ...would target 3183.75 3188.00 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.

Flat to flat-to-lower persists. Today is still tracking the likely pullback day following yesterday's Gap-and-Go session. Yesterday's sponsorship should be rewarded soon, perhaps today when this afternoon's bias environment has lapsed. But not necessarily, and usually not. Meanwhile, this morning's narrower range does make itself likelier to persist through this afternoon. This morning's 3193.75 bias objective is "unfinished business" that could be tested despite lying beyond this afternoon's 3195.50 no-bias environment. That and anything deeper would be "no-bias trending" that requires being retraced.

The first day following a Gap-and-Go session tends to range flat or flat-to-lower. Tuesday fulfilled the broadest definition with the narrowest of ranges -- until the final pre-close minute and first post-close minute. Overnight price action had been very volatile, bouncing back and forth from one end to the other of Monday's 3192.00-3202.50 range. Tuesday's open immediately pierced Monday's high up to 3203.50. This was the first bounce that didn't return down to 3192.00. Bounces throughout the remainder of the session each fell back to attack or touch 3196.00, or eventually momentarily pierce it at the close. The late dip attacked 3193.75 to within 3 ticks, neutralizing the morning's "unfinished business." This, along with Tuesday's pullback session having elapsed, makes it easier to reward Monday's Gap-and-Go sponsorship with probing fresh highs. Meanwhile, the shallowness of Tuesday's pullback makes it likelier to extend down first. Fresh pullback lows could test the 3181.50 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the Fri-Mon Gap2Gap, and potentially 3175.50. Already gapping up Wednesday would at least temporarily end the pullback. 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 3195.00 3199.00 ...would target 3102.00 3106.00 Bias-down: under 3187.25 3191.50 ...would target 3180.25 3184.50 Signal status: LATE NO-BIAS, TESTED BIAS-UP 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.