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... Maintaining Tuesday's gap up through Monday's 2855.00 post-open high was enough to at least reverse momentum up. The open's congestion around 2860.00 made it difficult to extend higher, forming a Dry Cleaner's setup. The post-open attempt to rally attacked 2871.00, but was still attracted back down into the open's range. Freedom to resume the rally wasn't exploited, and the afternoon's recovery stopped pessimistically short of touching the morning's high. Overnight action's new info... Fluctuating narrowly around Tuesday's 2866.00 close gradually got wider, dipping down to 2861.50 and bouncing up to 2869.50. Dipping again through Europe's opens to fresh lows at 2857.50 has also bounced back up to 2866.00, but not yet any higher. If, then... (notes to accompany the Tour recording) Tuesday's close above Monday's prior high could be the beginning of a trend reversal. Its signal awaits confirmation from a second consecutive higher close. Meanwhile, the recovery attempt is vulnerable. And gapping back down under Tuesday's 2856.50 post-open low would signal the trend already reversing down. The overnight dip attacked 2856.50 to within 1 point, and recovering from it -- higher than unchanged at 2866.00 -- would start to suggest yesterday's rally is resuming. Not already rallying out of the open would be vulnerable to at least an intraday dip. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2862.00 would be unlikely to trigger the 2861.00 bias-down signal at 10:15. Exiting the open under 2868.00 would be unlikely to trigger the 2872.25 bias-up signal at 10:15.

Sellers denied! (Buyers, too.) Overnight action up to this morning's Market Tour had only attacked yesterday morning's 2856.50 low. Which is to say yesterday morning's 2856.50 low was attacked. The opportunity to break lower was not exploited. At least, it seemed the opportunity would not be exploited. Its reaction back up to unchanged at 2866.00 had yet to turn positive, which would have been bullish. Meanwhile, unchanged = resistance. And resistance held. This time 2856.50 was tested, considerably down to 2848.00. The collapse originated on the cusp of being too early to be assured its breakout attempt was false. Nevertheless, it was recovered at 10:15 by a 10-point spike up to 2868.00. Which was also back up to unchanged, and unchanged = resistance. Once again, resistance held. This morning has triggered noN-bias, so the bias signal isn't required to hold and its target isn't required to be met. Exiting the bias environment under its 2854.50 bias-down target could reinstate the earlier break under 2856.50. Otherwise, back above 2860.00 is the earliest suggestion that sellers are absorbed again.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2863.50 2864.50 ...would target 2870.50 2871.50 Bias-down: under 2853.50 2854.75 ...would target 2845.75 2847.00 Signal status: noN-BIAS, TESTED BIAS-DOWN 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.

Rocks and hard places all around. We've highlighted for several months the renewed influence on price action that comes from FOMC Minutes. Perhaps today's impending 2:00 ET release shares responsibility in inhibiting sponsorship from trending -- both the pre-open collapse and the post-open spike up were absorbed and returned into a range that persists into the noon hour. Meanwhile, two world leaders on opposite sides of the pond, each facing his/her own domestic strife. British PM May is rumored to be on her way out as another Brexit vote looms, and U.S. Pres Trump raises the stakes on his Congressional enemies. The market seems caught between them, too. So, although totally unexpected, it shouldn't be surprising for today to trigger two noN-bias signals. There is no requirement to hold resistance or support, or any attraction to a target. Inflection points continue to respond well, immediately producing at least 2 points of follow-through or else holding. And there have been plenty of them, as being range bound hasn't precluded a choppy, volatile environment.

Be careful having any open positions as FOMC when announced. Even if assured of the ultimate resolution, the knee-jerk reaction is unpredictable. Having said that, greeting the news from either above or below 2860.00 could help to determine that ultimate resolution -- more so 60-90 seconds after the news is released and weak-handed sponsorship has reacted.

Tuesday's rejection of Monday's drop was not confirmed Wednesday. Neither was it rejected, but a rejection attempt was thwarted. Exiting Wednesday's open under Tuesday morning's 2856.50 low likely would have extended down. Probing 8 points under it was mostly recovered at the open, which only fluctuated around 2856.50 to hold it. Not that buyers exploited the setup, either, while triggering to noN-bias signals. Positive territory was probed ever so briefly by 3 points while spiking up to 2869.00. But the open's 2854.00 low was soon retraced, which the noon hour probed down to 2852.00. Rallying into and out of FOMC Minutes reached 2864.50 while the bias environment lapsed. Ranging exclusively in negative territory without trending down is "ineffectual pessimism" -- again, Tuesday's gap up and intraday rally were not invalidated. The sideways range was still choppy, choppy enough that breaking its range Thursday would still be credible for extending in that direction. A breakout delayed until Friday would be less credible for trending in that direction, as the 3-day weekend approaches. 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 2861.25 2862.00 ...would target 2869.50 2870.25 Bias-down: under 2854.00 2855.00 ...would target 2846.00 2847.00 Signal status: BIAS-DOWN, BIAS-DOWN 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.