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 afternoon's relatively narrowly 3114.00-3118.50 range persisted through Tuesday morning. The no-bias environment finished lapsing at noon, which allowed trending to be attempted. It took only several minutes before breaking lower to fulfill "unfinished business" below at 3009.75. Its test included attacking the next lower attraction at 3004.00. A 9-point bounce was retraced entirely back down to its origin. A shallower bounce was only partially retraced before the close. Overnight action's new info... (nearby chart is last session and Globex) The Globex open soon finished retracing the balance of Tuesday's last bounce down to 3004.00. Fresh lows touching this morning's 3003.25 bias-down signal (lower gold bar on chart) had recovered positive territory by midnight. The recovery extended higher to greet Europe's opens at this morning's 3011.00 bias-up signal (higher gold bar on chart), ultimately attacking yesterday afternoon's 3013.50 high to within 2 ticks. Now a reaction down is testing 3007.50. If, then... (notes to accompany the Tour recording) No rally effort gained traction yesterday afternoon, so rallying immediately would require gapping up above Tuesday afternoon's 3013.50 high to try forming a "session-long rally." Having attacked it already within 2 ticks, there's still time and proximity for another push higher to present the setup. Otherwise, the delay in fulfilling the 3008.75 unfinished business, which had been left outstanding since Monday morning, keeps the door open to fulfilling one more lower attraction under 3004.00 at 2997.75. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 3012.75 would be likely to trigger the 3011.00 bias-up signal at 10:15. Exiting the open under 3009.75 would be unlikely to trigger bias-up.

Target attacked to within 1 point. The overnight rally to 3013.50 was already retraced to yesterday's 3007.50 cash session close at the Market Tour. Dipping a little deeper still greeted the open unchanged. That makes it difficult to trend immediately, unless trending immediately aggressively. Wednesday's open open only fluctuated 3-4 ticks either way around 3007.50. Not gapping up made the recent weakness likely to persist. A bigger post-open bounce would have been welcome for selling into, but breaking back under yesterday's lows triggered a sell signal first. Further weakness was only a little delayed, but eventually obvious. Fresh lows have triggered a late bias-down, targeting 2997.75, which is now being probed by 3 points. Its support need not hold during the bias-down environment, having room for noise down to 2993.50.

Simultaneously oversold 1-minute and 3-minute RSIs at the low will require its eventual retest if left outstanding. This being expiration week, today's session will inform the WedEX signal.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3000.50 3004.00 ...would target 3007.50 3011.00 Bias-down: under 2992.75 2996.00 ...would target 2987.50 2990.75 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.

Ranging narrowly again. Room for noise at 2993.50 under this morning's 2997.75 bias-down target was pierced by 2 ticks before bouncing. The bounce got to 3002.50 at noon, leaving behind simultaneously oversold RSIs at the low requiring an eventual retest. Drifting through the noon hour tested 2997.75 as support, touching neither afternoon bias signal. There is no other "unfinished business" to attract price below this morning's low. Resuming the decline anyway would next target 2984.00. Meanwhile, the low's retest can remain outstanding Sunday night's highs would like to be tested first. Back above 3001.00 would start to suggest as much, confirmed above 3004.00 after the bias environment is lapsing.

Tuesday night's rally up to 3013.00 had stopped 2 ticks short of even touching the afternoon's high. Gapping up above it Wednesday morning could have formed a "session-long rally" setup. But Wednesday's open was essentially unchanged from Tuesday's 3007.00 close. Not gapping up had all but confirmed the next lower objective at 2997.75 was in-play, as did the morning's late bias-down signal. The target was met down to 2993.00, where oversold RSIs doomed a bounce up to 3002.50. Fresh lows targeting 2990.75 were met before the Position-Squaring window, and broken after it down to 2987.00. The next lower objective in-play is 2984.25 -- it was met to within 1 tick before the futures close. Meeting it overnight can qualify as neutralizing it, even if the open were greeted back in positive territory. Otherwise, the next lower attractions are 2979.75 and 2973.00. Meanwhile, the basis for a session-long rally setup has begun forming. Having trended down into the close, gapping up Thursday above the afternoon's 3001.25 high could complete the setup and end this week's pullback -- it would also invalidate a potentially bearish WedEX. 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 2990.25 2993.50 ...would target 2995.75 2999.00 Bias-down: under 3981.00 2984.25 ...would target 3973.75 2977.00 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL . 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.