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) Monday's narrow sideways range finally started breaking higher overnight by surging through its bias-up signal to its bias-up target. Completely retracing the surge only stretched the rubber band to snap back up much more aggressively through the 2977.00 open and throughout the morning bias environment. Unfinished business at Friday's 2494.00 high was probed on the way to 3002.00. The setup very often discounts all available near-term optimism, so it wasn't surprising for the balance of the session to hover at the highs through the 2995.50-2998.00 close. Overnight action's new info... (nearby chart is last intraday session and Globex) Tuesday's late dip to the afternoon range's lower-end extended into the Globex open. And through midnight down to 2986.50. Europe's opens were greeted by a bounce back up to Tuesday's 2995.50 cash session close, but it was retraced entirely to test 2985.00. Now a shallower bounce to 2992.00 is struggling to maintain. If, then... (notes to accompany the Tour recording) Yesterday's setup often persists through the following morning, but the overnight dip suggests otherwise. Already trending up overnight would be likely to extend, which is also contrary to overnight action. The backing-and-filling can be constructive to refueling the rally for higher highs, if it avoids opening too deeply or trending down further through Wednesday's open. The morning's most bullish price action may be to range choppily sideways before rallying into the afternoon. Renewing the bias-down signal or exiting the noon hour under the morning's low -- or almost any break under yesterday's 2977.00 open -- would become vulnerable to retesting the 2954.00 area or "lower prior highs" under 2940.00. Already resuming the rally this morning is least likely following yesterday's setup, and must recover at leas positive territory through the open to even begin being credible. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 2988.00 would be likely to trigger the 2991.50 bias-down signal at 10:15. Exiting the open above 2993.50 would be unlikely to trigger bias-down.

Bounced off of overnight lows. The overnight dip ultimately tested 2985.00 before bouncing 12 points into the 8:30 econ reports. That failed. Its knee-jerk reaction down to 2989.00 extended lower through the open to eventually touch the overnight low.

And to easily trigger the 2991.50 bias-down signal.

But the bias-down signal was recovered through 10:30. Too late to trigger no-bias, at least the bias-down is invalidated. Bias parameters may be influential to price, but not predictive. The 2984.25 bias-down target isn't in-play, the 2991.50 bias-down signal need not hold as resistance, and an offsetting test of the 3000.50 bias-up signal isn't required.

None of which should be surprising, since pre-open action already had suggested this morning would range choppily sideways. That's the likely scenario following yesterday's setup when overnight action has only dipped. The bias environment exit is vulnerable to resuming the rally but not required. Already bouncing back into positive territory above 2996.50-2998.00 would be bullish. Back under 2988.00 would start to signal sellers retaking control.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2999.25 2999.00 ...would target 3007.75 3007.50 Bias-down: under 2988.25 2988.00 ...would target 2981.25 2981.00 Signal status: LATE BIAS-DOWN . 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.

Yet to resolve yesterday morning's rally. This morning was likely to range sideways choppily, whether around yesterday afternoon's range or under it. Each would have opposite implications. Ranging this morning under yesterday afternoon's range was the bullish scenario. Entering the noon hour would be vulnerable to resuming yesterday morning's rally. Not, yet. The morning's 2985.00-2998.00 range was every bit as choppy and sloppy as suspected it would be. But the noon hour slid back toward the lows, and has triggered late bias-down under 2988.00. Its 2981.00 bias-down target is in-play. Also the 2988.00 bias-down signal is still being overlapped. It's too late to be rejected, but back above 2990.75 could launch a temporary rally. Dipping any deeper would start undermining yesterday's otherwise bullish setup.

Gapping up and trending relentlessly through the morning tends to reflect all available strong-handed sponsorship. That's the premise for then hovering at the highs through the close. That's also the premise for soon rewarding that sponsorship with higher highs. We're still waiting for Tuesday morning's relentless buyers to be rewarded. Three consecutive timing windows have ranged choppily sideways. The last two held a shallow pullback that remains in the orbit of Tuesday's highs. Wednesday afternoon introduced a challenge by triggering late bias-down. Its 2981.00 bias-down target remains outstanding as "unfinished business." A rally would still be credible if 2981.00 were left outstanding, but not as reliable. Meanwhile, 2981.00 could be neutralized overnight and already react up to greet Thursday's open in rally mode. Or the attraction down to 2981.00 could extend the pullback into something more substantial. Tuesday's 2977.00 open offers only tenuous support before threatening Monday's 2964.00 lows and then 2957.50 down to 2940.00. All of which could form a bigger constructive correction, but also risk becoming a new downleg. Rallying out of Thursday's open would be the most reliable bullish setup. 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 2995.75 2995.50 ...would target 3003.25 3003.00 Bias-down: under 2987.25 2987.00 ...would target 2981.25 2981.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . 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.