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... (summary of last Market Wrap) Sunday night's 10-point gap up had immediately entered a 4-point narrow sideways range that persisted until Monday's 3119.50 open. Its immediate surge extended to 3131.00 through the opening hour, and held up through the morning to form a gap-and-go setup. The afternoon fulfilled the setup by only ranging narrowly sideways until a late break higher to 3133.50. All "unfinished business" was neutralized, including the 3132.50 "new Globex trend extreme" and the confirmed breakout's new high close. The trend's next higher objective at 3135.00 was attacked to within 2-3 points. Overnight action's new info... (nearby chart is last intraday session and Globex) A confluence of this week's three themes was on full display last night: Volatility, targets, and sponsorship. Yesterday's late break higher soon resumed and extended up to 3137.25, with complexity to form a "new Globex trend extreme." Its consolidation produced a 9-point spike up to 3145.00, which was retraced almost as quickly back down to yesterday's 3133.50 high. Flat-to-lower ranging into Europe's opens eventually accelerated, but only briefly to touch 3128.00. And now a bounce has returned right back up to yesterday's 3133.50 high. If, then... (notes to accompany the Tour recording) Volatility, targets, and sponsorship. The volatility speaks for itself. The rally's 3135.00 objective was clearly met. More so, no new complexity formed above it that might represent it attracting strong-handed sponsorship. The overnight spike up followed an already complex probe above prior intraday highs, forming a new "new Globex trend extreme" that requires intraday retest. Often the same day, but not necessarily. And probably not today, not only for having retraced it all back under prior highs, but also because sponsorship is only getting harder to generate. So, if not at least firming this morning to attack last night's high, what will fill its void? Having probed overnight above yesterday's high, exiting the open under the 3130.25 earlier Globex low could form a bearish Globex-flip setup that trends down through the morning. Trying to form it, but failing, would be as bullish as it could have been bearish. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 3133.00 would be unlikely to trigger the 3135.50 bias-up signal at 10:15. Exiting the open above 3137.50 wold be likely to trigger bias-up.

Sellers stopped. My pre-open guidance described being reluctant to sell before a post-open test of at least 3137.25, or a break under 3130.75 support. The 3134.00 open's 4-point collapse pierced support only during the opening 3 minutes to at least establish an actionable sell signal. But the dip was otherwise absorbed. Its recovery tested 3137.25 by 1 point into the top of the hour, and immediately peaked. Now a sell signal could be considered under 3133.75. But piercing it by only 1 tick held as support. Buyers haven't exploited holding the sell signal's test. But they're trying. The 3135.50 bias-up signal was overlapped at both 10:15 and 10:30 to trigger noN-bias, so a bias requirement is not in-play. The 3142.50 bias-up target isn't required, but the next attraction above 3137.25 is 3140.50. Back under 3133.75 would still be credible for trying to reverse down again. Meanwhile, room for noise is encompassed by 3124.00-3145.00.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3140.25 3139.75 ...would target 3146.50 3146.00 Bias-down: under 3135.00 3134.50 ...would target 3128.50 3128.00 Signal status: 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.

And now sponsorship begins to evaporate. The next higher objective above 3137.25 was met at 3140.50 soon after noon. Consolidating there sideways suddenly began breaking lower at the noon hour exit. The 3139.75 bias-up signal held to trigger no-bias. And although not required (as it would be in the morning), its 3134.50 bias-down signal has been touched. And responsive. The bias signals should define either end of the no-bias environment. Room for noise under the bias-down signal by 1 point down to 3133.50 could be met. The pattern actually suggests that it should be met, and that could help to resolve down lower when the bias environment lapses. Also helping to resolve down is the thinning participation. Tuesday afternoon of Thanksgiving week starts to evaporate noticeably. And those left behind are less enthusiastic about pushing price back to a very nearby extreme above, when an organic pullback has so much room below. Back above 3139.50-3140.50 would still be credible for retesting last night's highs. But flat or flat-to-lower is likelier through the close.

The 3145.00 overnight high was produced by a remarkable 9-point spike up. More remarkable was its 17-point reversal down to 3128.00. All overnight. Most remarkable was recovering the overnight reversal to greet the open almost unchanged. Absorbing sellers became the definition of Tuesday's intraday action. The overnight reversal down to 3128.00 was the first recovery, back up to open almost unchanged at 3134.00. A momentary 4-point blip-down was the second recovery, and it extended to within 4 points of the overnight high. Finally, its reaction back down to the 3134.00 open -- despite having all afternoon to break lower -- was recovered to rally 10 points through the 3144.00 close. All of which developed above Monday's highs, qualifying as a confirmed breakout. Meanwhile, closing above the rally's 3135.00 objective now awaits confirmation of its next higher objective being in-play at 3203.00. The 3145.00 overnight high becomes a "new Globex trend extreme" requiring intraday retest, which much further away a half-hour before closing within 1 point of it. Now comes the pre-holiday drought, as many participants are traveling and many other are inhibited by liquidity evaporating. The most appropriate tactic is to await patiently and to act briefly, assuming any setups appear. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3143.50 3143.00 ...would target 3152.25 3151.75 Bias-down: under 3135.75 3135.25 ...would target 3128.00 3127.50 Signal status: LATE BIAS-UP . 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.