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) Sunday night's 166-point rally to 3668.00  was already retraced to open Monday at 3640.50, which eventually extended down to 3588.00 at the morning low. Bouncing through the noon hour to 3623.00 was retraced entirely, and then broke collapsed to 3541.00 through the last half-hour. The high qualified as a new Globex trend extreme requiring eventual intraday retest. And the gap above all prior highs requires being retested from below. Overnight action's new info... (nearby chart is last intraday session and Globex) Monday's drop soon resumed and extended to within 1 tick of its next lower support of last Thu-Fri lower prior highs at 3508.00-3511.00. Bouncing out of midnight tested 3556.00-3559.00 through Europe's opens but never improved. An attack on earlier lows is now trying to recover again. If, then... (notes to accompany the Tour recording) Just attacking the 3508.00-3511.00 area's next lower objective would make an overnight recovery credible for extending higher intraday. But still hovering under yesterday's late low makes a more thorough intraday test of 3508.00-3511.00 likely. Any lower through a timing window's exit would next target 3461.00-3471.00, and also jeopardize any near-term attraction to unfinished business above at Sunday night's new Globex trend extreme and Monday's gap above all prior highs. Meanwhile, the open is within reach of forming a couple of potentially bullish setups, having probed overnight under yesterday's low: above the 3546.50 cash session close could form an Isolation setup, and above the 3563.00 earlier Globex high could form a Globex-flip. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 3557.50 would be unlikely to trigger the 3560.25 bias-up signal. Exiting the open above 3540.75 would be unlikely to trigger the 3535.50 bias-down signal. Exiting the open under 3530.75 would be likely to trigger bias-down.

Barely attacked unchanged. Opening at the 3535.50 bias-down signal reacted up to 3544.50, where resistance pushed back to the 3521.25 bias-down target. Another reaction up only tested the first, where pushing back again just tested 3506.50. This is testing the decline's 3508.00-3511.00 objective. And this is a candidate for ending the pullback. A bounce has room back up to the 3535.50 bias-down signal before having the highest confidence in sellers being done. Oversold RSIs at 3506.50 will keep that question open. Buyers almost had it earlier. No-bias had triggered cleanly, right up until invoking the grace period. Rejecting tests of both bias-down parameters is a pseudo bias-up, because it puts into play offsetting tests of both bias-up parameters. Entering the noon hour above the open's range would be a very credible reversal. Otherwise, still hovering around the open's lows then would be very suspicious.  

TUE P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3551.25 signal would target 3566.00. BIAS-DOWN: under 3525.25 signal would target 3515.50. NO-BIAS: between both signals. TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3556.25 3551.25 ...would target 3571.00 3566.00 Bias-down: under 3530.00 3525.25 ...would target 3520.25 3515.50 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE

The pullback's next lower objective at 3508.00-3511.00 was attacked overnight to within 1 tick, and then probed Tuesday morning more than 1 point. Both tests reacted up, but never back above any relevant level to suggest the trend reversing back up. The intraday recovery didn't even attack the overnight recovery's high. Hovering through the afternoon was resisted at Monday's 3546.50 cash session close. Oversold RSIs were left outstanding at 3506.50 and 3529.50. No traction was gained by any sponsorship. So, launching a durable trend Wednesday morning would require gapping open. Spending all of Tuesday essentially in negative territory and probing Monday's lows without trending down is ineffectual pessimism. At least closing above Tuesday afternoon's range should be bullish -- more so if Tuesday's lows were tested first. Oversold RSIs at 3506.50 and 3529.50 can be neutralized overnight, and already rejected to greet Wednesday's open in rally mode. Their test has room down to 3492.00 next, which should be isolated to some window to prevent gaining traction for a deeper and more protracted downleg. 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].

WED A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3556.00 signal would target 3567.00. BIAS-DOWN: under 3534.00 signal would target 3520.75. NO-BIAS: between both signals. WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3561.00 3556.00 ...would target 3572.00 3567.00 Bias-down: under 3538.75 3534.00 ...would target 3525.50 3520.75 Signal status: LATE BIAS-UP, BIAS-UP TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE