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) Tuesday's gap up had above Monday's 3010.50 high had begun recovering toward the 3012.50 overnight high, at least testing the morning's bias-up target. Although bias-up triggered cleanly, a reaction down through 10:30 attempted to invalidate it. Although that invalidation attempt failed, another was tried at the 2973.00 bias environment exit. Although that also failed, the reversal extended to enter the afternoon's bias environment at session lows down to 2958.50. That was the session low, thanks to a 10-point bounce and a 20-point surge. Much of the attack on 2980.00 was retraced down to 2961.00 as the balance of the session ranged sideways to close at 2968.00-2970.00. Overnight action's new info... (nearby chart is last intraday session and Globex) The immediate reaction to yesterday's post-close news was negligible. Almost all of the afternoon's high was retraced up to 2979.00 by midnight, but no higher and not for long. Falling back into negative territory through Europe's opens has extended to probe yesterday's low by 2 points down to 2856.50. But no lower and not for long, as its immediate reaction is testing 2865.00, perhaps as a retest of yesterday's low, but possibly to break it. If, then... (notes to accompany the Tour recording) The catalyst for Tuesday's drop was the building push for Trump's impeachment, now including the timing for a post-close meeting by the Democratic caucus. The meeting became only an announcement, and has since been criticized for not including a member vote. In other words, it seems that nothing changed, so the market has done nothing new since yesterday's close -- or since yesterday's lows. Whether to resume the decline, or to complete it, fresh lows are likely and they're likely to include 2951.00. Closing any lower would risk next targeting 2916.00. Otherwise, rallying first would have room up to 2993.00 before earning any confidence for being more than a corrective bounce. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 2962.25 would be likely to trigger the 2963.50 bias-down signal at 10:15. Exiting the open above 2969.50 would would be unlikely to trigger bias-down.

A bottom, if you can keep it. Patiently waiting for the rubber band to be stretched post-open was rewarded very well. The overnight low's retest of yesterday's 2958.50 low was a blip-down that reacted up to attack the 2974.00 bias-up signal pre-open, and to touch it post-open. Testing resistance during that window, while probing more than 2-3 points beyond being unchanged at yesterday's 2968.00-2970.00 close. Stretching the rubber band allowed raising its reaction limit to 2970.50, which soon triggered. And even sooner, its minimum objective was fulfilled by probing at least 2-3 points under 2968.00-2970.00.

That was just the beginning. The 2963.50 bias-down signal was briefly influential on the way down to probe the 2954.75 bias-down target by 1 point.

Still short of 2951.00, but structurally producing fresh lows, the drop coincided with impeachment news that facilitated snapping back up 15 points to attack 2969.00. Its 10-point reaction down corrected 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6}. Its bounce has launched another upleg to fresh post-open highs attacking 2977.00.

More so, having held tests of both bias-down signal to trigger "late no-bias," offsetting tests of both bias-up parameters is in-play. That still leaves outstanding the 2981.75 bias-up target, which could develop into a base or bigger recovery. Meanwhile, sellers aren't marginalized. It's not nearby, but back under 2964.75 would start to signal another move underway to fresh lows, presumably 2951.00.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2979.00 2980.50 ...would target 2986.50 2988.00 Bias-down: under 2966.00 2967.75 ...would target 2961.00 2962.75 Signal status: NO-BIAS . 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.

Momentum a bit lacking. This morning's recovery extended to 2977.50 before the bias environment began lapsing at 11:30. Ranging sideways since then has attacked 2980.00, but avoided even touching the 2980.50 bias-up signal -- let alone, triggering it. This is a no-bias environment. And there's no requirement to extend or to retrace any price action. A lot of buying pressure was expended to absorb and retrace the probe under prior lows, and upside momentum is suffering. That makes even the most bullish scenario vulnerable to at least a pullback, potentially to test the 2967.75 bias-down signal. Meanwhile, touching either would be likely to define that end of the window, until the window starts lapsing in an hour. And there's still no requirement to resolve either way, although vulnerability would be greater for a downdraft to actually actually testing 2951.00.

Wednesday's probe under Tuesday's 2958.50 lows didn't get to 2951.00, but the spike down to 2953.75 fulfilled the structural requirement for a fresh low. More so, the probe was isolated to its timing window, both originating and ending above Tuesday's lows. Also reinforcing the potential low is having aggressively rejected the probe by reversing up sharply. Trending up relentlessly intraday gained afternoon traction by exiting the bias environment above the noon hour's high, and then entering the noon hour higher. That reflects reinforcements, which are normally rewarded by probing even higher the next morning. A bearish "session-long rally" setup can invalidate the setup bullish by gapping down under Wednesday afternoon's 2975.00 bias environment low. Having gained traction, the rally could rest on its laurels after attacking 2992.00. Defensive posturing ahead of a post-close Trump press conference was also possible. Dipping only to 2985.00 seems a little too optimistic to reflect either catalyst, so a deeper pullback wouldn't be surprising. Regardless, the pullback originated too late to reflect strong-handed sponsorship. Breaking lower Thursday would target fresh lows down to at least 2951.00. Extending the rally would target 3019.00, albeit not necessarily same-day. 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 2991.75 2993.25 ...would target 2998.25 2999.75 Bias-down: under 2979.00 2980.75 ...would target 2971.25 2973.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . 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.