Proper context can start the day with a solid win and make all the difference. NEW! Market Tour transcript included at the end of this post...

NEW 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... 2366.00 had supported a narrowly ranging overnight session  until just before the open. Post-open action ranged narrowly around 2366.00, Holding the 2364.00 bias-down signal and putting into play an offsetting test of its 2372.25 bias-up signal didn't prevent the noon hour from breaking sharply lower to 2357.50. The actual selling was done quickly, but the balance of the session only ranged choppily back up to 2364.00. The 2372.25 objective became "unfinished business above." Overnight action's new info... No time was wasted recovering the balance of Tuesday's noon hour drop back up to the morning's 2366.00 highs. Firming another couple of points then surged into President Trump's speech, fulfilling the 2372.25 objective left outstanding that morning. Its reaction back down to 2366.00 bounced around into Europe's opens, where another upleg has extended to 2375.50. The complexity qualifies as a "new Globex trend extreme." If, then... Tuesday's negative close wasn't necessarily bearish, and that vacuum was "ineffectual pessimism," which the overnight rally to new highs suggests. So, like last week's intraday declines, another singular intraday decline has been recovered entirely. But notice the slightly longer delay in its recovery. That's two concerns of the ongoing rally, the other being yesterday's failure to confirm Monday's breakout. And a third concern, that last night's rally is fulfilling the 2372.25-2373.75 objective (and yesterday morning's bias objective). Gapping up would help to maintain the rally's momentum. Leaving the "new Globex trend extreme" outstanding would create a new upside attraction to help rescue a multi-session pullback. The most bearish scenario this morning would open back down within prior intraday action under 2371.00 to avoid a gap up, and retest the overnight high before reversing down. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2373.75 would be likely also to exceed the 2372.25 bias-up target at 10:15 to renew the bias-up signal. Exiting the open above 2368.25 would be likely to trigger the 2366.75 bias-up signal.  . Phonetic dictation... [NEW! Unreviewed voice-to-text real-time dictation of the Market Tour recording. Again, not reviewed or edited in any way, which can be equally confusing and humorous.] good morning welcome it's Wednesday it's time for Wednesday's Morning Market Tour .  quick housekeeping items,  item number one I apologize for the late notice or actually lack of notice,  but I am not going to be available this morning through noon as you can see from the message on the screen.  it is totally unforeseen so good I'm sure if so I will be checking in I will actually mostly have the market in front of me and the chart room and be updating the blog but I'll be doing it remotely.  so that's item number one and item number to is due to the Amazon outage yesterday the market rap recording took quite a while to upload but you probably already know that it's become available if you kept checking into the evening. now onto the market,  the market with yesterday was left with a negative close after a singularly located Newtown or plunge sliding aggressively into a running correction exiting it aggressively Crossing briefly never-the-less were tracing back to the upper quadrant of the running correction and then holding through the afternoon probably holding because of anxiousness paralyzing the market ahead of Trumps overnight speech which was actually anticipated pretty warmly and then reacted to pretty warmly. yesterday morning's Firestone signal was tested at 2364 held its test to put into play an offsetting test of 23 7225 that didn't prevent the new that are plunge but did a track price higher after the ordering the president speech and then picked it actually a couple of ticks piercing it and then creating a trading range back down to 236600. just ahead of Europe's opens the market began forming again Dad a new highs testing not just 23 7225 lower end of the next are active but also its upper end at 2373 75.  so there's no unfinished business above and closing above 2372 74 would put into play the next tire objective 241800.  by the same token testing and holding 2372 74 closing under them or that range today would represent another failure to extend the rally.  now that's not necessarily going to be as simple as what I just described but there's gaps up possible that would create unfinished business above that could help to rescue a pulled back if that Gap up were immediately rejected or somewhere rejected today the new glove ex-friend extreme that's been created here overnight could be left outstanding that would help to rescue a rally or rescue sorry from a pulled back but here's what it comes down to as we look at the chart without the overnight and we know we been to 2375 50 up here opening back under prior intraday has which is 23 7075 just avoided a book that is beyond any prior intraday High and then rally or somewhere following that open get around to the other night I neutralize that new club beckstrand extreme and then reversed down that's the most barish scenario possible and the reversal down could be pretty abrupt at this stage because we really don't have a lot of momentum for example I criticized momentum yesterday because of Tuesday's failure to confirm Monday's Breakout. so the question is whether this is a rally trying to reveal itself or if it's a rally that is ending it's upside momentum and satisfying it's upside objectives well it declined creates new signals that it's prior sponsorship is being replaced. as for this morning let's get back to the overnight charge all of that could be if the Gap but just extends and it it extends and that's really the alternative scenario there is no bullet scenario that backs and Phyls in this pattern maybe one which is a little dependent on the open and I can write about that after the open but I update the blog because again I won't be available in the chart-room not with the voice-over narrative that I'll be I believe at that time available to certainly type messages of relevance and I thank you for your patience in that before I return at noon. okay real quickly real quickly on to other coverage so the Aussie threatening to trigger the cell signal it's been it's been trying to support it at 7665 the pound already plenty of signs of weakness but not really exploiting the not really explaining the signs of weakness year so much as twenty covering their having a little difficulty getting up and then there's the pound breaking lower let's go to the Looney also breaking lower and a lower close today would confirm yesterday break out it doesn't matter how deep yesterday's drop was a second consecutive lower clothes would create the requirement for at least a third eventually close and then the Euro which came back to its own support this data slow day so come back to the silver week or overnight and it is under yesterday's low under 18 3332 probing under 18 3332 closing under it would be a big problem for extending the rally this week 18 minute gold also drifting and threatening to close under the Gap first of all back to Fridays break or Thursdays break out clothes that was filled yesterday it's testing that range testing it where to buy 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} 6184 Trace myths about 4750 and it's down to 40 to 50 or has been there's an eventual thoroughly Stavento third Tire close outstanding hidden gold in their hero breaking back under it supports or actually has been behaving as support surely not extending yesterday's intraday rally had only pierced belly pierced Monday's high following Tuesday's on Friday but overnight that's giving away anything to the upside is a rogue corrective a Rugby 2 or corrective balance whatever back on the 151 11 for vs. momentum down crude oil another opportunity to break free from the range that was recovered into the clothes or before the close actually neutralizing the upside attraction that have been created back to Monday's close not necessarily exploiting that overnight CIA reports today by the way and then natural gas reports Tomorrow there's room too expensive to 286 again only as a temporary corrective leg because there is unfinished business any questions I'll answer them and I will be I believe in a position to type a or type guidance during the open but I won't be available by voice on till noon and then ongoing from there

Substantial gap up becomes substantial rally. Relentless overnight trending into the open is often vulnerable to reversing that trend through the morning. That, or else extending relentlessly through the morning if the open avoids a reversal. Which this morning did. A pre-open potential Double Top at 2381.00 would have been rejected back under 2378.00. It was instead extended through the first hour to 2389.25. And fresh highs after 10:15 has helped to preserve the anchor qualities that were established by holding up through the open. There's one heck of a gap outstanding back down to "lower prior highs," and tomorrow is not assured of extending higher. But an eventual recovery from almost any downturn would be very likely. Extending higher this afternoon isn't assured, but a downturn isn't any likelier from above 2381.00.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2398.50 2398.25 ...would target  2405.75 2405.50 Bias-down: under  2393.00  2392.75 ...would target  2387.50  2387.25 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL FAQ INTRO VIDEOS #1 and #2 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.

Morning AND noon hour surges maintained. The first hour's follow-through of the overnight rally had touched 2389.25. Its 4-1/2 point pullback was recovered to 2394.25 before noon. And then a surge at noon touched 2398.75. Flat-to-lower since then hasn't even threatened to reverse the noon surge.Back under 2394.25 would start to signal a deeper dip targeting 2387.25-2388.25. A fresh high of some sort is likely tomorrow. So, a pullback today would be a compelling long-entry. Otherwise, breaking back above 2398.00 would be compelling, too, but also more subject to whipsaw.

Wednesday's 39-point rally up to 2401.00 had extended higher through each intraday timing window. The last one broke lower to 2365.00, the afternoon bias environment's low.  The break extended lower post-close down to 2392.75, the noon hour's low. Lower lows overnight could test 2387.25 before even threatening to reverse the trend down. Thursday is meanwhile likely to probe above Wednesday's high, whether to 2405.50 or 2418.00. Even if Wednesday's late drop were extended down to 2387.25, a probe above Wednesday's high remains likely. Wednesday's late break originated too late and was too shallow to reverse the trend down. So, extending down any deeper overnight would still be likely to recover before becoming a substantial decline. 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  2399.00 2398.75 ...would target  2405.50  2405.50 Bias-down: under  2389.25  2389.25 ...would target 2384.25  2384.25 Signal status: BIAS-DOWN FAQ INTRO VIDEOS #1 and #2 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.