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) Flat-to-higher ranging overnight up to 3410.00 seemed to ignore the "finality" of no stimulus package being possible during the next two weeks. But reacting down through the bias timing window extended to attack 3381.00. And then stopped. Greeting the open at the overnight midpoint had already warned of inertia, which a Dry cleaners morning setup soon confirmed. Two no-bias signals accompanied choppy sideways ranging back up to 3401.00, and then later back down to the earlier low. A post-close dip attacked 3376.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Tuesday's post-close break had extended to 3368.00, which the Globex open immediately extended to within 2 points of Monday's low. Flat-to-higher ranging up to 3370.00 was reversed down at Europe's opens, immediately and sharply, eventually touching 3328.00. If, then... (notes to accompany the Tour recording) Beyond the room for noise of retesting oversold RSIs at Monday's 3356.00 low, the next lower attractions are now in-play at 3333.00 and 3322.00. Their break would next target the 3300.00 area. The current low overnight is testing the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the rally from last month's low. The simple 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement offers almost obligatory support -- albeit often only temporary, and more reliably intraday than overnight. Exiting the open above 3343.00 and/or trending up through the first 15 minutes would be attracted to 3360.00. Any further upside potential would depend on that leg's pattern and timing characteristics. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 3359.50 would be likely also to exceed the 3363.00 bias-down target to renew the bias-down signal.

Big levels being tested as support. Another downleg to 3313.00 greeted the open at 3321.00, on the way up to 3328.00 through the first 15 minutes. Discernible uptrending formed a position of strength that could either extended higher, or else be likely to attract price back up. It didn't extend higher. The decline immediately resumed, and extended to its next objective in the 3300.00 area. A brief bounce essentially doubled that down to 3282.00, about 101 points under yesterday's cash session close. Another bounce just exploited the tendency for opening capitulation to print an extreme at 10:30. Its reaction up to 3295.00 reversed down to test 3277.00. Holding this as retest of the earlier 3282.00 low could still launch a recovery, but the trend meanwhile next targets 3259.00.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3302.00 signal would target 3314.75. BIAS-DOWN: under 3288.00 signal would target 3270.50. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3310.00 3302.00 ...would target 3322.75 3314.75 Bias-down: under 3295.75 3288.00 ...would target 3278.25 3270.50 Signal status: BIAS-DOWN . BIAS VIDEOS... INTRO // EXAMPLE

Bounce attempt resolves down. The 3275.00 morning low was retested as the morning bias environment lapsed. Bouncing into the noon hour got up to 3303.00. But the afternoon bias environment lapsed at fresh lows attacking the 3270.50 bias-down target. This bias environment is bias-down, but I would still treat this window as a bias-down met. So, probing above the 3288.00 bias-down signal would be required to retrace at least 3288.00, unless the bias window were exited back above its 3303.00 bias-down signal. Resuming the decline would still target 3259.00. Alternatively, hovering sideways through the close around this morning's lows would form a gap-and-pause setup. Tomorrow could be a bounce day in this setup, with fresh lows coming Friday. The decline could resume today anyway, but a recovery today has become unlikely.

Already gapping down 61 points from Tuesday's 3382.00 cash session close, Wednesday morning extended down another 46 points to its 3275.00 low. Only ranging around the morning's low through the balance of the session forms a gap-and-pause setup. Ranging sideways through the afternoon completed the setup, only bouncing to 3303.00 and 3298.00. The final minutes slid to 3261.00. Wednesday's final minutes probed under the morning's 3275.00 low, and its 3271.00 afternoon retest, down to 3261.00. Coming so late doesn't invalidate the gap-and-pause setup that would optimally only hover at or around the morning's low. Thursday is now likely to back-and-fill, probably into late-afternoon if not also through Friday morning. But only to find stronger-handed sellers for another downleg. None of which prevents already extending down Thursday without delay. Relevant levels yet to be tested include 3258.75 and 3250.50, with only temporary support any lower before extending back down to June's complex Ascending Triangle. 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 3284.25 signal would target 3300.50. BIAS-DOWN: under 3258.75 signal would target 3248.50. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3292.25 3284.25 ...would target 3308.50 3300.50 Bias-down: under 3266.50 3258.75 ...would target 3256.25 3248.50 Signal status: INVALIDATED NO-BIAS, TESTED BOTH BIAS BIAS SIGNALS . BIAS VIDEOS... INTRO // EXAMPLE