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... Tuesday's repeated tests of the 2803.00 area had failed to break higher, despite having an attraction up to 2811.25-2812.00. So, strong-handed buyers were sought at lower levels, and the overnight dip began finding them at 2785.50. Already beginning to to recover by midnight, and largely recovered before Europe's opens, Wednesday's open was greeted by gapping up to 2807.50. The morning's bias environment surged through 2811.25-2812.00 up to attack 2824.00. A Complex Inverted Head & Shoulders formed during the noon hour to produce a brief surge up to 2826.50 that collapsed to test 2814.00, ranging sideways into the close. Overnight action's new info... Despite Globex quickly firming up to 2823.50, it was all retraced back down to 2814.00 by midnight. And then it was all recovered, attacking 2825.00 and then retesting it. Resistance there proved itself as price collapsed back down to fresh overnight lows attacking 2811.00 close on China trade news. If, then... (notes to accompany the Tour recording) In case you couldn't join is in real-time yesterday, the post-close In-depth Overview was recorded here. I also recommend (re?)visiting the more detailed discussions of Basic Concepts here. Your feedback is appreciated...  The template for trending up intraday can't tolerate initial weakness. Gapping up above 2824.00-2825.00 would serve by proxy to form a bullish WedEX, which is otherwise bearish for Wednesday having been contained within last Monday's range. Probing above 2824.00-2825.00 intraday could still be productive up to the 2831.00 area, while being vulnerable to repeating yesterday's collapse from probing fresh highs -- but more substantially. Meanwhile, initial weakness that triggers bias-down would target Tuesday's "lower prior highs" at 2801.00. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2817.50 would be unlikely to trigger the 2822.75 bias-up signal at 10:15. Exiting the open above 2817.50 would be unlikely to trigger the 2813.00 bias-down signal. Exiting the open under 2811.00 would be likely to trigger bias-down.

Wide pre-open swings land at the range's lower-end. The overnight rally up to 2825.00 was blind-sided by China trade news. It triggered a collapse to fresh session lows attacking 2811.00, which was recovered up to 2822.00 before the open. Trending back down greeted the open at 2815.00, on the way to fresh lows at 2808.50 and to cleanly triggering the 2813.00 bias-down signal. This is a bias-down environment, targeting 2806.25. I would expect extending to visit 2801.00 "lower prior highs," too. Meanwhile, price action is ranging around 2813.00. A surge to 2816.50 has reacted down to touch a 2811.50 sell signal, not yet triggering it. Having avoided a fresh low since 10:15, invalidating the bias-down now requires exiting the bias environment above its 2822.75 bias-up signal. Otherwise, the bias-down target will become "unfinished business," regardless of the potential for a bigger detour up.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2817.00 2822.25 ...would target 2823.00 2828.25 Bias-down: under 2808.50 2814.00 ...would target 2800.75 2806.25 Signal status: NO-BIAS, TESTED BIAS-DOWN 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.

Can't even keep an overbought market down. The overnight test of 2825.00 might have been noise testing its resistance, or it might have been on the verge of extending higher. Negative China trade news prevented discovering which, as its reaction ultimately extended down to 2808.50 post-open.

Sellers have not been rewarded for their subsequent effort. First, the morning's 2813.00 bias-down signal triggered, but wasn't at all productive. Neither was it invalidated, and its 2806.25 bias-down target is "unfinished business" that requires an eventual test.

Also, the morning's bounce attacked 2821.00 before noon. Its reaction down only touched this afternoon's 2814.00 bias-down signal triggering no-bias. Being the afternoon, an offsetting test of the bias-up signal is not required.

So, sellers have inhibited or overcome buyers, while missing opportunities to be productive. Back above 2818.25 would start to signal a bigger bounce underway, probably for more topping process. Meanwhile, a pullback as low as 2801.00 could end the pullback and allow a more durable rally to resume.

Would Thursday have probed above 2824.00-2825.00 resistance? China trade news converted an overnight rally into an opening deficit, and the balance of the session was stuck to the new paradigm. Dips to 2808.50 and 2811.00 were recovered back into the range, but never reversed into positive territory -- except once up to 2821.00, but only briefly as the morning's bias environment began lapsing. The afternoon was spent backing and filling. Dips all recovered into the range. Except for the last one, but it had begun too late to be predictive. Opening Friday firmly enough or already high enough -- at least attacking Thursday afternoon's 2817.00 high -- would be likely to retest Wednesday's 2826.50 high, perhaps higher above 2831.00. Any early fresh high would be vulnerable to reversing down sharply through the afternoon. Probing lower overnight or post-open would be attracted to Thursday morning's outstanding 2806.25 bias-down target. Its "unfinished business" requires retest. The likely attraction to "lower prior highs" at 2801.00 is not required, but likely. But its test is likely to hold. Ending the week any lower than that would be bearish, and vulnerable to extending down more sharply. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2814.00 2818.75 ...would target 2820.50 2825.25 Bias-down: under 2805.50 2810.50 ...would target 2797.50 2802.50 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.