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... An overnight rally that had far exceeded its bias-up parameters greeted Tuesday's open at its 2727.75 renewed bias-up target. The rally resumed with little delay, and extended sharply higher to test its next objective at 2743.50 soon after noon. The bias environment's probe higher up to 2748.00 was retraced to end the day still testing 2743.50. Overnight action's new info... The rally hardly delayed resuming, and suddenly spiked up 10 points to attack 2756.00. Its reaction down was supported by 2751.00 as price eked its way back up through midnight to eventually touch 2757.00. There was complexity, creating a "new Globex trend extreme" that is all but required to be retested intraday. Trending back down into and out of Europe's opens has pierced 1 point under yesterday's 2747.75 high as support, reacting up to 2751.00. If, then... (notes to accompany the Tour recording) It's important to note how this current upleg has unfolded: Closing above 2721.00 for its second consecutive session last Tuesday had established that one more higher target was in-play for the bear market rally -- 2751.00, with room for noise up to 2757.00. Rather than extend, the rally immediately began retracing, resting on the laurels of a higher attraction to rescue it. Pullback objectives were met down to 2708.00-2709.00 and 2788.00-2690.00, and even exceeded to the next lower support at 2681.00-2682.00 Friday morning before the rally resumed. And it resumed without correction on the way to meeting its 2751.00 and 2757.00 targets overnight. Their Intraday test is preferable, and likely, while holding above yesterday's range. Reversing back under yesterday's last relative lows at 2741.50 and 2738.75 would start reversing the trend back down. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2751.00 would be likely to trigger the 2748.75 bias-up signal at 10:15. Exiting the open under 2743.75 would be unlikely to trigger bias-up.

Overnight high's retest isn't rejected. The complexity of last night's probe above Tuesday's highs up to 2757.00 had formed a "new Globex trend extreme" which requires intraday retest, and is often retested the same day. Recovering 2753.00 through the opening 15 minutes of volatility would target 2757.00, if not also higher. It was probed up to 2762.00. Reacting down to attack 2753.00 only overlapped the 2755.00 bias-up target through the 10:15 bias timing window. This avoided renewing the bias-up signal. It's still a bias-up environment, but not bias-up renewed, which would have added a degree of confidence in extending higher. That hasn't prevented at least trying to resume the rally, now testing 2761.00.

The bigger picture bear market rally limitation requires closing back under 2757.00 and preferably also under 2751.00. Topping requires a retest of the 2753.00 opening print after a post-open dip under Tuesday's highs. Reversing the trend down requires at least closing negative under 2743.50. Today's WedEX should be a passive bearish setup to reflect an unsustainable bullish sentiment.

Meanwhile, the intraday and bigger picture each allow extending higher. Maintaining 2757.00's recovery through the bias environment exit would next target 2769.00. Back under 2755.00 at any time would start putting into play a dip back into yesterday's range.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2757.50 2757.00 ...would target 2764.25 2763.75 Bias-down: under 2749.25 2748.75 ...would target 2741.25 2740.75 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL . 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.

Late-morning slide still hovering above yesterday's highs. The 2755.00 bias-up target had been probed up to 2762.00 during the open. But it was only being overlapped at 10:15 which didn't renew the bias-up signal. The earlier high was attacked to within 1 point, and already drifting lower when a headline (Rubio's buyback tax proposal) triggered a steeper, deeper slide to 2748.00. Exiting the bias environment above 2755.00-2757.00 would have gone a long way to suggesting the bear market rally was something more. Reacting down instead doesn't default to being bearish. Two more timing windows have now elapsed without even probing back into yesterday's range.

Hovering above yesterday's range is potentially bullish, but optimism becomes "ineffectual optimism" as more time elapses without exploiting the posture.

The noon hour ranged back up to 2753.00, which is being tested now. The afternoon's no-bias environment could test its 2757.00 bias-up signal just as noise. But back under 2749.50 would start to signal that buying pressure was fully expended, and another downleg was getting underway.

Tuesday night's rally up to 2757.00 had formed a "new Globex trend extreme," which required intraday retest. Reacting down 10 points to test Tuesday's highs still recovered the overnight high post-open, and then through it to 2762.00. The bear market rally's last calculable target at 2751.00 was neutralized, along with its room for noise up to 2757.00. But was the target rejected. Rallying into the last half-hour attacked 2760.00, but reacted back down to 2751.00 and closed under 2757.00. That late dip prevented signaling the rally's next higher objective is in-play. Gapping up Thursday above Wednesday's 2762.00 highs would help to reinstate the upside. A lot of buying pressure was expended to hover above Tuesday's highs, and then to probe back above 2757.00. Wasted buying pressure, for not maintaining the late rally. Also wasted for the closing action still overlapping the 2753.00 opening print -- which reflects inertia, and often can occur at a trend extreme. WedEX triggered actively bullish. Maintaining a gap down Thursday under Wednesday's 2748.00 low could convert the signal by proxy to passively bearish. None of which would influence price action until Friday afternoon, regardless of whether price had rallied or collapsed in the interim. 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 2755.50 2755.00 ...would target 2761.75 2761.25 Bias-down: under 2747.00 2746.50 ...would target 2738.75 2738.25 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . 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.