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) Extending the rally overnight probed the 3378.00-3382.00 target up to 3379.00. Its retracement tested Monday's lower prior highs down to 3354.50 at Tuesday morning's low. That support combined with the morning's unfinished business at 3374.00 to attack 3375.00 at the afternoon bias environment entry. But the window's 3381.00 objective was left outstanding when a couple of stimulus headline reactions triggered a collapsed to 3319.50. Overnight action's new info... (nearby chart is last intraday session and Globex) Popping-up through Wednesday's close had tried probing slightly higher up to 3341.00-3342.00, but settled back down to attack 3326.00 through midnight. A rally greeted Europe's opens at fresh highs attacking 3348.00, and has since extended to attack 3361.00 -- the origin of yesterday's second headline knee-jerk reaction. If, then... (notes to accompany the Tour recording) Unfinished business at 3379.00 and 3381.00 are the rally's likely rewards for resuming. Reversing down from their test is the likely consequence for resuming the rally too soon. While yesterday's late-afternoon headline reaction extended through the close as late-afternoon headline reactions usually do, they also tend to probe further overnight and/or the next day. That's not a requirement, so reversing up prematurely isn't absolutely doomed to failure, it's just likely doomed to failure. If yesterday's low is attacked intraday down to 3322.00, its previous use of last Wednesday's lower prior highs as support should be ignored on the way down to 3311.00 -- and lower, possibly being the beginning of June's Complex Triangle retracement. Last night's bounce could be credible for already reversing momentum up to at least retest yesterday's highs, so long as the open trends up and holds support around 3351.00-3353.00. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3362.50 would be likely also to exceed the 3356.25 bias-up target to renew the bias-up signal. Exiting the open above 3343.00 would be likely at least to trigger the 3339.75 bias-up signal. Exiting the open under 3333.00 would be unlikely to trigger bias-up.

As if McConnell had never opened his mouth. The overnight recovery to 3360.75 had corrected down to 3348.25 pre-open. But the 3353.50 open was back above the 3351.00-3353.00 critical support I had described in First Trade and the Market Tour. Meanwhile, overnight and pre-open price action was clearly chipping away at the 3356.25 bias-up target's resistance. Its effect on intraday patterns would have to develop through the open. Overnight price action becomes irrelevant after 9:45. The opening 15 minutes did hold above 3356.25 resistance. So, a blip-down minutes later could be expected to recover, and its recovery has continued fulfilling every structural and timing hurdle that reflects buyers gaining traction. Finally, bias-up was renewed by exceeding its target at 10:15. Still trending in a series of higher highs and higher lows, fresh highs are testing the 3373.75 origin of Pelosi's Hong Kong headline. At least holding above 3370.50 into the noon hour would be likely also to test yesterday's 3379.00 and 3381.00 unfinished business. A pullback has room down to 3366.00 before suggesting at least a corrective dip underway.

WED P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3374.50 signal would target 3382.25. BIAS-DOWN: under 3360.25 signal would target 3350.50. NO-BIAS: between both signals. WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3380.25 3374.50 ...would target 3388.00 3382.25 Bias-down: under 3365.75 3360.25 ...would target 3356.00 3350.50 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.

Retracing yesterday's drop hasn't meant reversing it. A likely candidate for satisfying the open's rally was met at 3370.50. But it was met so early in the bias-up environment that its reversal wasn't likely. Flat-to-higher ranging between 3368.00-3374.50 persisted into the noon hour. Entering the noon hour at or under 3370.50 would make the afternoon difficult or unlikely to extend higher. The noon hour entry was still overlapping 3370.50. Despite fresh highs during the noon attacking 3378.00, the 3374.50 bias-up signal held. Backing-and-filling has attacked 3365.00. Its reaction is testing 3371.50. Exiting the bias environment above 3374.50 could resume the rally to fresh highs. Meanwhile, the no-bias environment has room down to its 3360.25 bias-down signal just as noise. Its test isn't required, and neither is resuming the rally.

Tuesday afternoon's headline collapse to 3319.50 was consolidated through midnight but never probed lower. Gapping up to 3353.50 rallied to higher and higher highs that gradually neutralized all unfinished business and attractions -- Monday night's 3379.00 high, Tuesday's 3368.00 gap up, Tuesday afternoon's 3381.00 bias-up target, the 3373.50 origin of Tuesday afternoon's headline collapse. The last breakout's timing during the Proxy Window was all but doomed to failure, and did reverse down through the close under Wednesday's high at 3368.00, still qualifying as a new high close. There is no unfinished business above. In addition to the unfinished business and attractions listed above, Wednesday's high also tested its afternoon 3382.25 bias-up target despite not being in-play, and thoroughly tested the rally's 3378.00-3382.00 objective which had been pierced already Monday night. The rally desperately needs to close higher Thursday or at least create more unfinished business above. Wednesday's late breakout was all but doomed to failure, but so is Wednesday's entire rally. Late-afternoon headline reactions like Tuesday usually probe lower overnight and/or intraday before recovering. Recovering prematurely like Wednesday tends to be retraced entirely. Wednesday's low isn't likely to offer support if retested, and probing any lower would make the June Complex Triangle retracement that much likelier underway. 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].

THU A.M. BIAS

At 10:15 the P.M. BIAS is BIAS-UP: above 3379.00 signal would target 3394.75. BIAS-DOWN: under 3363.00 signal would target 3349.75. NO-BIAS: between both signals. THU morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3384.75 3379.00 ...would target 3400.50 3394.75 Bias-down: under 3368.50 3363.00 ...would target 3355.25 3349.75 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . 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.