Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s) o Win XP-Friendly entry o non-xp friendly (ilinc) (pre-open Market Tour begins at 8:55 ET)

Through the prior close... Monday's open had recovered a lot already between Friday's last-minute plunge and Sunday night's lower lows that met the 2064.50 bias-down target. But opening back above Friday's 2076.00 last relative low never really looked back on the way to fulfilling expectations for retesting last week's 2094.75 overnight high. The rally's gained traction for its effort by exiting the bias environment and entering the final hour trending upward. A reaction down from 2100.00 ended the cash session 1 point above 2094.75, still above the rally's 2088.00 objective. Overnight action's new info... Reacting down into the cash session close extended down into the futures close. It extended deeper into the Globex open down to 2092.25. Bouncing to 2097.25 was brief, and resolved into a downtrend that is now probing fresh lows at 2090.25, piercing yesterday's noon hour high as support. If, then... Gapping open under 2088.00 could invalidate yesterday's close above it. That would still leave outstanding the gap back up to yesterday's close wanting to be filled, but from a position of weakness likely to be reversed back down. Opening above 2088.00 could still reject an intraday recovery, but that would be the rally's last opportunity to avoid new highs. Meanwhile, traction gained for yesterday's effort wasn't rewarded overnight, making a morning rally likely, or else an afternoon rally so long as morning selling is contained. First Trade... Exiting the open at 9:45 under 2088.00 would be to trigger the 2089.50 bias-down signal at 10:15. Exiting the open above 2094.75 would be unlikely to trigger bias-down.

Single-minded overnight slide evaporates. A post-open dip tried to retrace a pre-open bounce by probing 1 point under 2091.50. Its break would have indicated momentum reversing back down. But its test was isolated to the session's first 5 minutes, every one of the test's bars still overlapped 2091.50, and their 3-minute low was never pierced. Sellers failed to regain control. Another dip from a higher high held another test of 2091.50. It was even more brief and shallower before recovering to another higher high. Both dips avoided touching the 2089.50 bias-down signal. An offsetting test of the 2098.50 bias-up signal was never put into play. Nevertheless, 2098.50 is being tested now.

This is still a no-bias environment, so 2098.50 is likely to hold its test, or at least to define the bias environment's upper-end. Probing above it would be doomed to failure, required to return down to 2098.50, if not also to 10:15's 2094.00 print.

Probing above 2098.50 could even extend above yesterday's highs. That would be doubly doomed to failure for its inappropriate origin, and for fulfilling yesterday afternoon's traction. Otherwise, a contained bias environment that isn't exited under the open's lows would still be likely to probe higher this afternoon.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2110.25 2103.50 ...would target  2117.00  2110.25 Bias-down: under  2103.50  2096.75 ...would target 2097.75  2091.00 Signal status: noN-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.

Probing fresh highs just short of a signal. This afternoon's 2103.50 bias-up signal was touched within 3 minutes of the 1:20 bias timing window. The grace period through 1:30 was invoked. And 2103.50 was still being overlapped. This is a noN-bias environment. Not a bias-up with a specific higher target. Not a no-bias whose upper-end is likely to be defined by the bias-up signal.

Piercing higher to 2104.25 just 1 minute later makes no difference. Being a noN-bias, price can extend higher. But often a noN-bias environment is still restrained by its bias signal, similar to a no-bias.

Often, a noN-bias environment simply ranges narrowly at the bias signal. But this pattern only allows room down to 2100.50 before starting to signal momentum reversing down.

Yesterday's traction was rewarded by this morning's uptrend to a fresh high. Only one door remains open to rejecting yesterday's close above 2088.00, which is to close back under 2088.00 today.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today's Market Wrap. Eurodollar Sep Contract (EC, ETF: (FXE, UUP)) The corrective bounce's retracement extended down Tuesday to test Thursday's 1.0960 gap up from the low close. Probing a fresh low Wednesday under 1.0903 and closing positive on the day would be the optimal bottoming pattern at this stage. Gold Dec Contract (GC, ETF: (GLD)) Gapping down and trending lower intraday probed the next objective at 1118.00 down to 1114.00. Bouncing immediately back above 1126.50 could produce a corrective bounce to 1146.00. Otherwise, extending any deeper would target 1106.50 and 1094.50. Silver Dec Contract (SI, ETF: (SLV)) Gapping down Tuesday to Monday's lows didn't prevent extending down to fresh lows intraday. Barely qualifying as a second consecutive lower close to confirm Monday's breakout, now at least a third lower close is likely unless Monday's 15.40 close were recovered immediately 30-year Treasury Dec Contract (US, ETF: (TLT)) The ongoing decline extended to its lowest levels Tuesday. Near-term support is 154-16, and any lower would next target 153-22. Closing back above 155-14 would start to signal momentum reversing back up. Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short)) Multi-session narrow hovering around the 46.00 bounce limit has resolved before reversing back down. Tuesday's test of 48.20 is likely also to visit 49.15. I still consider this only a corrective bounce, but any higher would be vulnerable to extending much higher regardless of its label. Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Tuesday's narrow ranging didn't exploit Monday's "ineffectual pessimism," which still needs to recover 2.31 and 2.37 to signal momentum reversing up.

Tuesday's reaction down from its 2110.25 bias-up target had potential down to 2102.00. It was probed by 5 ticks. Simultaneously overbought 1-minute and 3-minute RSIs were left outstanding at the high requiring its retest. And two consecutive relentless intraday rallies have conditioned the market, so an overnight pullback might be avoided. Details and other markets coverage are discussed in the post-market Wrap recording here: https://roddavid10.mitel-nhwc.com/join/mjzbfsy

This evening, monitor overnight Globex trading in the chaRTroom at: non-xp ilinc

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2113.50 2106.75 ...would target  2119.50  2113.00 Bias-down: under  2105.50  2099.00 ...would target 2100.25  2093.50 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL 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.