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) Gapping up Tuesday didn't trend up through the open, so the lack of upside traction from Monday afternoon wasn't going to extend Tuesday morning. Choppy flat-to-lower ranging down to 3258.75 through the morning and noon hour suddenly launched a rally up to 3309.50 through the close. Unfinished business was left outstanding at the morning's 3258.75 oversold RSIs, and at the afternoon's no-bias trending above 3284.25. Overnight action's new info... (nearby chart is last intraday session and Globex) The reaction down from yesterday's late 3309.50 high got to 3291.50, narrowing its range through midnight. Firming briefly dipped through Europe's opens, then snapped up through yesterday's highs to 3319.50. Its retest just snapped back down to test the 3311.00 bias-up signal as support, perhaps triggered by breaking news that the Eiffel Tour is being evacuated. If, then... (notes to accompany the Tour recording) Already breaking higher, today's open is indicated to gap up (albeit only slightly at this moment). Gapping up is necessary for trending up this morning, since yesterday's late rally gained no traction. Gapping up, but not also trending up through the open would be vulnerable to yesterday's nearby unfinished business at 3284.25. Objectives for extending higher are 3323.00 and potentially 3341.00-3343.00. Today has scheduled 7 Fed speakers, including Powell -- with the same count scheduled tomorrow. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3315.25 would be likely to trigger the 3311.00 bias-up signal. Exiting the open under 3307.00 would be unlikely to trigger bias-up.

Most recently tested bias-down, but now probing under it. Gapping up to 3309.25 was still at or under yesterday's late high. And the opening 15 minutes didn't trend up. Having failed to gain traction yesterday afternoon, extending the rally this morning became unlikely. Potential for retesting overnight highs remained intact, but the 3311.00 bias-up signal's post-open retest held. Reacting down sharply tested the 3293.50 bias-down signal in time to invoke the grace period. It held.

This is a no-bias environment. Having held a test of the bias-down signal, an offsetting test of the bias-up signal is in-play. Being a late signal, and already having met the bias-up signal post-open, its test won't become unfinished business if left outstanding.

Will its test be left outstanding?

A late break lower is currently probing fresh post-open lows to within 1 point of the 3284.25 bias-down target. It is also unfinished business from yesterday. Coming to within 3-6 ticks neutralizes any requirement for its test.

Now reacting up to 3297.00, the bias-down signal's ongoing probes may yet prove to be detours. But there's little or no time remaining for another dip to recover, instead of extending down much more substantially.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above PRICE signal would target PRICE. BIAS-DOWN: under PRICE signal would target PRICE. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3299.50 3288.00 ...would target 3311.25 3299.75 Bias-down: under 3281.75 3270.50 ...would target 3269.25 3258.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Threatening session lows. This morning wasn't likely to range sideways, and sellers exploited the rally's inability to gain opening traction. The 3312.50 post-open high was reversed down to the 3271.00 noon hour low. Attacking this afternoon's 3288.00 bias-up signal to within 1 point makes this a no-bias environment. Reacting back down is testing the noon hour's low down to the 3270.50 bias-down signal. Exiting the bias environment back above 3284.25 or 3288.00 would be likely to extend in that direction, targeting 3211.00 and potentially higher. Otherwise the decline is free to extend lower after the bias window lapses.

Rallying Tuesday afternoon without gaining traction for the effort had set a high bar for extending the rally Wednesday morning. But the 3309.50 open had retraced the 3320.00 overnight high back to Tuesday's high. And the open failed to trend up. The balance of the session trended down, negating two no-bias environments, on the way down to 3221.00. The bias environment and final hour entry formed bearish PM Traction. Trending durably through a no-bias window once, let alone twice, tends to reflect a greater intent than just intraday. Separately, the bearish PM Traction suggests this, too, and it expects Thursday morning's bias environment to trend down. Tuesday's close already formed a compelling hold-short, so long as bounces hold tests of 3241.00. Hovering optimistically short of Monday's 3217.75 low still requires a retest of its oversold RSIs, probably down to 3208.00. Its unfinished business can be neutralized overnight. The next lower attraction is at 3255.00-3265.00. THURSDAY MORNING: I'm covering Corn (C), Soybeans (S), and Live Cattle (LE) during the review of other markets, updating this previous coverage linked here. 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 3236.75 signal would target 3248.50. BIAS-DOWN: under 3219.00 signal would target 3208.00. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3248.25 3236.75 ...would target 3260.00 3248.50 Bias-down: under 3230.25 3219.00 ...would target 3219.25 3208.00 Signal status: LATE NO-BIAS, TESTED BIAS-UP SIGNAL, TESTED BOTH BIAS-DOWN PARAMETERS . BIAS VIDEOS... INTRO // EXAMPLE