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CHARTROOM LINK(s) o Win XP-Friendly entry o non-xp friendly (ilinc) (pre-open Market Tour begins at 8:55 ET)

Through the prior close... Gapping down Tuesday within Monday afternoon's range wasn't likely to extend down, and was likelier to recover. Which it did, bouncing through the morning from 2019.50 to 2031.50. That was also essentially a move from one bias signal to the other. Being a no-bias environment with plenty of time remaining, price reversed back down into the afternoon's bias environment. Retesting the morning's low initially held, reacting up to 2027.00. But that reacted back down into the close. Overnight action's new info... The closing reaction down extended quickly to 2015.75, 3 ticks under Monday's low. Then a steep rally into and out of midnight touched 2034.25. Its reaction down to 2020.50 was reversed back up to 2031.75, which essentially repeated Tuesday morning's rally (both circled green on the chart). If, then... An early surge to fresh highs and that reacts down as quickly and as sharply, that's the topping template we've been monitoring in this area. Yesterday's post-open surge and its reaction back down almost fit, except that its timing followed an early dip. Last night's surge and reaction down almost fit, too, except for being last night and not intraday. An early post-open surge that quickly reverses down would be credible for extending down intraday. But not rejecting an early surge could put the next higher objective in-play at 2055.00. First Trade... Exiting the open at 9:45 above 2027.50 would be likely also to trigger the 2026.25 bias-up signal at 10:15. Exiting the open under 2023.00 would be unlikely to trigger bias-up.

Another surge and quick retracement. Actually, this morning's incarnation of the ongoing template was to gap up. The surge had happened already overnight. Initially dipping from there tested the 2026.25 bias-up signal as support, which  did recover to attack the open's 2031.25 high.

Any higher would have marginalized sellers for the morning, if not for the day or even for the week. Reacting down instead went on to reject the 2026.25 bias-up signal. Triggering no-bias then put into play an offsetting test of the 2016.75 bias-down signal.

The 2016.75 objective was attacked to within 2 points before at least 1-minute RSI finally diverged positively. Its reaction up just tested 2024.00. Back under 2022.00 should resume the decline targeting 2016.75. The bias-down signal's test could be delayed for awhile. Exiting the bias environment at 11:30 back above this morning's 2026.25 bias-up signal would make fresh session highs likelier first. Otherwise, 2016.75 remains in-play.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2035.75  2028.50 ...would target  2041.25  2034.00 Bias-down: under  2029.00 2021.75 ...would target  2024.00  2016.75 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED FAQ INTRO VIDEOS #1 and #2 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.

Open's drop recovers much. This morning's reaction up from 2018.50 made it to 2025.25 before reacting back down under 2022.00-2023.00 to resume the decline. But the decline didn't actually resume. The low was attacked to within 3 ticks and then another bounce began. This second bounce was much more productive, testing 2028.25. A Close-Quarters Double Top there has reacted down to attack 2025.00. Any lower would start to signal the bounce had ended. That would still be subject to confirmation, this being the noon hour, and having recovered well back into positive territory. Otherwise, back above 2028.00 would start to confirm the detour is extending. Fulfilling objectives below would be delayed for a more substantial probe of fresh highs.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today's Market Wrap. Eurodollar Sep Contract (EC, ETF: (FXE, UUP)) Ranging only narrowly Wednesday instead of rejecting Tuesday's gap up session does suggest the recovery potential remains intact. Gold Dec Contract (GC, ETF: (GLD)) Another break to fresh relative lower Wednesday tested the maximum pullback limit at 1165.50. Any lower would require a deeper and more prolonged drop before putting back into play a retest of prior highs up to 1195.50. Silver Dec Contract (SI, ETF: (SLV)) Gapping down Wednesday to 15.85 extended to fresh lows intraday at 15.60. Back above 15.85 would start to signal momentum reversing back up. Closing under 15.60 would suggest no recovery soon. 30-year Treasury Dec Contract (US, ETF: (TLT)) Gapping up Wednesday and extending back above the 158-04 sell signal  also retraced Monday's range entirely back up to 158-24, which is the highest acceptable corrective bounce. Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short)) Extending down overnight probed under last week's two "ineffectual pessimism" sessions to 44.85. The trend remains down so long as 46.85 isn't recovered through the close. Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Two days of counter-trend bouncing had retraced almost all of the room allowed it up to 2.48-2.51. The overnight reaction down gapped down Wednesday to probe under the 2.41 prior low. A bottom would be premature, but a bottoming pattern could begin forming. Regardless, Thursday's EIA report is not being greeted from a position of strength.

THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2021.00 2013.75 ...would target  2026.75  2019.50 Bias-down: under  2013.00 2005.75 ...would target  2006.50  1999.25 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED FAQ INTRO VIDEOS #1 and #2 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.

Did Wednesday form a trend change setup? It may have begun one. It's a long way down to last week's 1982.50 lows before sealing a top. But rallying to a fresh high close above 2026.50 is easier, and that would raise the trend change signal considerably. Actually, rallying to a fresh high close is nearer. It's 15-18 points away from Wednesday's 2008.50 / 2011.50 close, and 26-29 points from last week's lows. But rallying to a fresh high close is made more difficult by having just ended an intraday 20-23 point slide. Fun fact: Wednesday's close is essentially a Fibonacci 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement between the two. It's natural support, so maybe an immediate recovery isn't actually more difficult.The 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement is 1999.25. Its test is likely if not already rallying at Thursday's open. Details and other markets coverage are discussed in the post-market Wrap recording here: https://roddavid10.mitel-nhwc.com/join/fbkcwpw

This evening, monitor overnight Globex trading in the chaRTroom at: non-xp ilinc