wProper 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) Monday's late surge up to 3631.00 was only retraced overnight. Gapping down Tuesday to the 3597.00 afternoon low formed a session-long decline setup that only extended to 3584.25. The bearish setup, and the first 15 minutes downtrending, didn't prevent reversing back up through the afternoon bias environment to 3620.00. Its collapse to 3598.00 reacted up to 3610.00 through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Trending back down through midnight eventually attacked yesterday's low to within 2 points at 3586.00. A bounce greeted Europe's opens, and has since extended back up to yesterday's highs at 3620.00. If, then... (notes to accompany the Tour recording) Tuesday's downtrending open was retraced overnight more than entirely, affirming its bearish grip. And possibly also neutralizing it. Its retrace held the bias-down target to within 3 ticks, and now its reaction is testing the bias-up signal. Target satisfy a degree of selling pressure, which the reversal suggests was satisfactory. Stopping short of also neutralizing 3577.00-3582.00 is still an annoyance, but it's not unfinished business. The rally's bigger challenge is to exploit Tuesday was ineffectual pessimism through the open. Coming from a multi-session range, a breakout close would also suggest expiration's influence is skewing bullish. Still being in the orbit of Monday's unfinished business makes it both a focus, and a distraction -- at this moment, despite its steep reversal and wide range, overnight action has yet to probe yesterday's highs. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3620.75 would be likely to trigger the 3616.50 bias-up signal. Exiting the open under 3611.00 would be unlikely to trigger bias-up.

Holding unchanged as support. My literal caveat that summed up Market Tour was that overnight rallying had yet to even probe yesterday's 3620.00 high. Soon probing it up to 3623.00 was quickly retraced back into yesterday's range. Trending is difficult to persist after traveling 37 points from a prior low to a prior high. Reacting down through the 3610.00 open got to 3604.00, but essentially held tests of yesterday's 3407.50 as support. Neither the overnight rally nor the open's reversal gained traction, only triggering no-bias. And neither bias signal was touched pre-open, so no offsetting test of the other is in-play. Testing one or the other during the bias window would require holding it. Only the latest effort being down is bearish. All other inputs are bullish, like recovering the overnight dip and still being in last Monday's orbit. It's not required, but rallying out of the bias environment would be credible for extending through overnight highs.

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 3621.00 3618.00 ...would target 3631.00 3628.00 Bias-down: under 3606.00 3603.00 ...would target 3595.00 3592.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Second no-bias. While the overnight rally was holding resistance at yesterday's highs, it was expending valuable buying pressure, which is now sorely missed. Relatively narrow intraday ranging has only chopped around unchanged. This afternoon has repeated the morning's no-bias signal. Without probing any prior range intraday, today's WedEX setup won't even trigger. That wouldn't allow a WedEX signal. At least, not without gapping up or down tomorrow to serve by proxy. Meanwhile, whatever the catalyst that may be inhibiting price action, or the lack of catalyst, Attractions above remain in-play.

Tuesday night's attack on Monday's 3584.00 low had retraced the afternoon's rally to 3620.00. Recovering it up to 3623.00 before Wednesday's open was retraced again by the afternoon bias environment's exit. That wasn't prevented by ranging sideways through the noon hour and triggering two no-bias signals. And that didn't prevent the last half-hour from breaking sharply lower to 3556.50 through the close. A retest of last Monday's highs had been in-play for having returned to within its orbit, back into last Monday's 3591.00-3618.00 midday range. Its immediate recovery Thursday would all but require extending higher almost relentlessly to retest last Monday's highs. The overnight and intraday retracements weren't necessarily vengeance by Tuesday's ignored first 15-minute downtrending and its session-long decline setup. Many interim factors can contribute to the eventual reactions. More likely, the invalidated setups reflect expiration's influence. Until Wednesday's late break, WedEX was on track not to offer any input to compare with Friday afternoon. Instead an active-bearish setup may be forming. Thursday's open can be a proxy, and gapping open back within the week's earlier range could negate the bearish setup. Meanwhile, sellers gained no traction for their efforts. None of the candidates for Wednesday's decline are definitive -- widening Covid cases, Covid restrictions, election confusion, Congress recesses without Covid relief. The more nebulous, the more difficult for the market to discount their effects so the rally can resume. So, resuming the rally may be wholly dependent on expiration's influence. 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 3575.75 signal would target 3586.00. BIAS-DOWN: under 3545.25 signal would target 3556.50. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3577.75 3574.75 ...would target 3589.00 3586.00 Bias-down: under 3559.50 3556.50 ...would target 3548.25 3545.25 Signal status: LATE BIAS-DOWN, BIAS-DOWN TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE