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

Through the prior close... (summary of last Market Wrap) Reversing Sunday night's gap down back up above Friday's highs to 2947.00 was itself rejected overnight back down to 2890.00. Monday's 2900.00 open was under Friday's lows, and began forming three bearish setups. Globex-flip only succeeded at keeping the morning under its bias-down signal. Session-long decline never triggered decisively. Only Isolation remains intact for having finished Monday in negative territory, albeit back at Friday afternoon's 2918.00 highs when closing UNDER them would have been optimal. No traction was gained either way and no new "unfinished business" formed. Overnight action's new info... (nearby chart is last intraday session and Globex) Monday's late reaction down soon extended lower. Yesterday's post-open low was probed by 1 point to 2894.50 at midnight. Rallying since then has recovered positive territory up to 2932.00. If, then... (notes to accompany the Tour recording) Yesterday failed to close above 2930.00-2934.00 which would have been bullish, and was still overlapping 2918.00 which avoided being bearish. Gapping up or down today would be likely to extend in that direction this morning, and probably for the day, but the bigger picture still requires knowing the close. That said, maintaining a gap up above 2930.00-2934.00 would at least invalidate the bearish Isolation that is otherwise hanging by a thread. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 2925.25 would be unlikely to trigger the 2931.00 gap up. Exiting the open above 2918.00 would be unlikely to trigger 2908.00 bias-down signal. Exiting the open under 2901.50 would be likely to trigger bias-down.

Offsetting test of bias-down signal is in-play. The overnight dip's overnight recovery wasn't assured of extending higher intraday. A lot of buying pressure had been expended just for returning price to where yesterday's buyers had difficulty at 2937.00, and to where late sellers prevented a bullish triggering signal. Pre-open had formed an Ascending Triangle, and the 2935.00 open blipped-up to 2939.25. Then began collapsing -- all during the first 3 minutes. That enabled an early-action sell signal to trigger under 2930.00, which quickly extended down to 2912.50. Meanwhile, the 2931.00 bias-up signal held its test through 10:15. This puts into play an offsetting test of its 2908.00 bias-down signal. Any interim bounce should be temporary and resolve down. Price action since the low  has consolidated back up to 2924.00. And there's room up to 2927.00 before suggesting a bigger recovery underway despite the 2908.00 objective below. But back under 2919.75 is the next opportunity to resume the decline, potentially below 2908.00.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2936.00 2929.00 ...would target 2950.00 2943.00 Bias-down: under 2918.00 2911.00 ...would target 2895.00 2888.00 Signal status: 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.

Second bias-down signal today. Ranging sideways since the post-open 26-point collapse finally resumed breaking lower at the noon hour's exit. Its 12-point collapse to  2894.50  2912.50 triggered this afternoon's bias-down signal along the way, putting into play its 2888.00 bias-down target. Oversold RSIs at 2894.50 require its eventual retest. That and the actual target remain in-play so long as the 2923.00 noon hour highs aren't recovered. It's not yet too late to fulfill downside objectives AND to reverse intraday trending back up. It's never too late to ignore downside objectives altogether, just unlikely. But bounces being likely to resolve down also makes closing above 2930.00-2934.00 unlikely. And that is (was?) today's bullish scenario.

Gapping up through 2930.00-2934.00 Tuesday would have served by proxy for Monday's failure to exploit its afternoon test. Tuesday's opening blip-up to 2939.00 reacted back down immediately and sharply to 2912.50. The morning's 2908.00 bias objective wasn't met until the afternoon's bias-down signal was triggering. The afternoon's 2988.00 bias objective was on the way to Tuesday's 2862.00 close. And that was further exceeded -- much further -- down to 2839.25 before the Globex open. Three sessions hovering at resistance whose break would put into play 3288.00. If the rally had strong-handed sponsorship, then it would have broken above 2930.00-2934.00 when tested Monday afternoon or Tuesday morning. Meanwhile, Tuesday's aggressive collapse wasn't deep enough to reverse the trend down. So, opening strongly enough Wednesday could still produce at least a temporary bounce, if not also start bottoming to launch another recover. About the new Bias-down parameters: They are calculated as of the cash session's closing price, and Tuesday's futures settled below the bias-down signal's calculation for Wednesday morning. But, wait, there's more. Extending down sharply past the futures close also probed under the bias-down target. Already probing a bias parameter before the Globex open is highly unusual, but new relevant levels will be provided if needed as usual before the open. 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.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2876.50 2869.50 ...would target 2888.00 2881.00 Bias-down: under 2863.25 2856.25 ...would target 2850.00 2843.00 Signal status: LATE NO-BIAS, TESTED BOTH BIAS-DOWN PARAMETERS . 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.