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... Monday's excessive optimism had continued its productivity post-close, probing higher overnight to 2799.00. Reacting back down into negative territory at 2785.50 was recovered in time to avoid a bearish opening setup. Its reward was to probe even higher highs attacking 2803.00. But ultimately the opening levels around 2793.00 were retraced. Overnight action's new info... Tuesday's last 60-90 minutes had dipped back down to session lows at 2793.00, reacting up to 2800.50. Globex immediately dipped again and extended down -- albeit choppily -- to attack 2788.00. Already firming into midnight, the balance of the session has trended back up to now probe above 2800.50 to 2802.00. If, then... (notes to accompany the Tour recording) Perhaps anxiousness ahead of the Brexit vote inhibited the extension higher, and then limited the reaction down. Not surprisingly, reaction to the heavily-watched event contained fewer surprises than did its pre-ordained outcome. The overnight round-trip suggests there won't be initial downside. Rather, the dip may have wrung out yesterday's anxiousness, and the indicated open is postured to attack yesterday's well-worn highs. Probing higher this morning might reverse down from testing 2811.25-2812.00, because last night's shallow dip didn't stretch the rubber band very much. Otherwise, probing any higher after a shallow pullback would reflect more excessive optimism like Monday -- and also like Monday, extend higher steeply. So, a steep slope attacking 2811.25-2812.00 would be likelier to extend higher. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2797.50 would be unlikely to trigger the 2803.75 bias-up signal at 10:15.

Recovery extends to quickly fulfill upside. Last night's dip had recovered from its attack on 2788.00 up to yesterday's last relative high above 2800.00. This, alone, was more than enough to suggest potential up to 2811.25-2812.00 would be met. Greeting the open at 2807.50 only made that likelier.

But nothing would make extending any higher any likelier. Nothing, except for extending higher relentlessly. Which the open did not do.

The opening 15 minutes of volatility eked higher, but each leg overlapped the opening print. Finally breaking higher surged until fulfilling 2811.25-2812.00. Not for long enough to be considered relentless, but the bias-up target was exceeded in time to renew the bias-up signal. Breaking higher has attacked 2815.00, short so far of the 2818.00 renewed bias-up target. RSIs are diverging negatively, and the 2813.00 pullback limit is being violated. Back under 2811.00 would start to signal momentum already reversing down.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2818.00 2823.00 ...would target 2824.00 2829.00 Bias-down: under 2811.00 2815.75 ...would target 2803.75 2808.50 Signal status: LATE NO-BIAS, TESTED BIAS-UP 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.

REMINDER: Join us in the chaRTroom after today's close at 4:30 ET for a special introductory overview of the If Then method. It's onboarding for newer subscribers, a refresher for seasoned subscribers, and a good opportunity to focus on strategy and tactics as market volatility begins heating up again... This morning's 2811.25 bias-up target was barely exceeded at 10:15 to renew the bias-up signal. But it didn't hesitate proving itself out, extending to fresh highs before 10:30. Then through the 2818.00 renewed bias-up target. And higher. The bias environment began lapsing at 11:30 near 2824.00. Reacting down to 2817.50 during the noon hour has recovered to test the afternoon's 2723.00 bias-up signal. It wasn't exceeded, triggering late no-bias. Which doesn't prevent probing higher anyway, but probing higher anyway would likely reverse back down sharply. Back under 2819.50 at any time would already signal momentum reversing down. Nothing requires retracing all of today's rally, but its possibility is among the afternoon's templates.

In case you couldn't join is in real-time, the post-close In-depth Overview was recorded here… Tuesday night's dip to 2785.50 had already begun recovering by midnight and was largely recovered before Europe's opens. The intraday attempts to probe the 2803.00 area to 2811.25-2812.00 remained intact. Reversing down from there was a vulnerability so long as it wasn't approached aggressively. But it was, and it was exceeded up to 2826.50. That was the afternoon's peak. The rally had otherwise ended with the morning's bias environment. Its break higher from a Complex Inverted Head & Shoulders was doomed to failure, even if not attempted during a no-bias environment. Its reversal tested 2814.00 as support, and the final hour ranged sideways back up to 2820.00. Closing above the Head & Shoulders 2824.00-2825.00 resistance would have been bullish, suggesting the bearish pattern had run its course. Gapping up above it would serve by proxy to form a bullish WedEX, which is otherwise bearish for Wednesday having been contained within last Monday's range. Regardless, as I began discussing last month, I'm reviewing the indicator as being influential only to Monday mornings, depending upon the Friday afternoon price action input. None of which applies after Thursday's open. 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 2817.75 2822.75 ...would target 2824.50 2829.50 Bias-down: under 2818.25 2813.00 ...would target 2801.50 2806.25 Signal status: BIAS-DOWN . 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.