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 **This is NOT the direct chaRTroom link

Through the prior close... (summary of last Market Wrap) Sunday night's repeated probes above Friday's highs produced a new Globex trend extreme at 3355.50. Just fluctuating around Friday's highs kept the overnight high's retest likely sooner rather than later. The open did retest it to within 1 tick, and triggered late bias-up, but that wasn't good enough to avoid a collapse down to 3329.00. The 3360.25 bias-up target became unfinished business that attracted a recovery, but only up to 3357.25 as the afternoon ranged sideways through the close. Overnight action's new info... (nearby chart is last intraday session and Globex) Monday's impressive intraday recovery and patient afternoon consolidation had suggested the rally intended to extend. And 3362.00 was being tested before midnight. Complex price action formed a new Globex trend extreme. Suddenly expanded volatility was resolved by Europe's opens extending the rally to test 3379.00. A consolidation there is now trying to hold on. If, then... (notes to accompany the Tour recording) Trends maintain themselves in two ways: by creating unfinished business, and then by allowing corrections to refuel the trend.

Last week's price action had created unfinished business for a new high close, which was already fulfilled Monday. More unfinished business was created by leaving outstanding yesterday morning's 3360.25 bias-up target, which was fulfilled overnight. Now new unfinished business at the overnight high requires intraday retest. And opening above all prior highs would create more unfinished business by requiring its gap-fill from below.

Meanwhile, the rally may invoke its other self-preservation technique, by allowing a correction to refuel the trend. The next higher objective at 3378.00-3382.00 is now being tested. Even if reinforcements arrive to extend the trend, turbulence tends to increase when original sponsorship becomes is satisfied. Trending down through the open, especially failing to hold 3370.50, would put the morning on defense. Extending higher would next target 3400.00. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3377.00 would be likely to exceed the 3374.00 bias-up target and renew the bias-up signal. Exiting the open above 3366.00 would be likely to trigger the 3360.25 bias-up signal. Exiting the open under 3353.50 would be unlikely to trigger bias-up.

Beware of refueling. This morning's Market Tour described how rallies use pullbacks to refuel themselves from positions of strength. Among others, I highlighted yesterday morning's 26-point drop from 3355.00 for its depth, and last night's 11-point drop from 3368.00 for its recency. I also pointed out the newly-created unfinished business at the 3379.00 high, which by the way was satisfying buying pressure in the 3378.00-3382.00 target area. Reversing down through the 3368.00 open fluctuated between 3363.00-3372.00 to create a position of strength. A break down to 3354.50 was recovered enough to trigger the 3360.25 bias-up signal, late, and extend up to attack 3368.00. So, has another pullback elapsed? The 3374.00 bias-up target is in-play. Fresh post-10:30 highs confirm. Exiting the bias environment above the 3368.00 open would be in the 3379.00 overnight high's orbit and likely to retest it sooner rather than later. Back under 3358.50 would otherwise start to signal a retest of the 3354.50 post-open low. Exiting the bias environment any deeper would suggest a longer-lasting pullback underway.

TUE P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3370.50 signal would target 3381.00. BIAS-DOWN: under 3358.50 signal would target 3343.00. NO-BIAS: between both signals. TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3377.00 3370.50 ...would target 3387.50 3381.00 Bias-down: under 3365.00 3358.50 ...would target 3349.50 3343.00 Signal status: LATE BIAS-UP . 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.

Twice in one day. This morning's bias-up had triggered late by recovering an 18-point detour from 3372.00. Unfinished business at the 3374.00 bias-up target helped to motivate a recovery to within3 ticks of 3372.00 when the bias environment began lapsing. The noon hour's initial dip also recovered, and has now extended higher to test 3374.00. The fresh high has neutralized the 3374.00 unfinished business. Its test triggered this afternoon's 3370.50 bias-up signal, late like this morning. This afternoon's 3381.00 bias-up target is in-play. Now the bias-up signal is being tested as support. A pullback has room down to 3667.50 before suggesting momentum may be reversing down again.

Extending the rally overnight probed the 3378.00-3382.00 target up to 3379.00. Its retracement tested Monday's lower prior highs down to 3354.50 at Tuesday morning's low. That support combined with the morning's unfinished business at 3374.00 to attack 3375.00 at the afternoon bias environment entry. But the window's 3381.00 objective was left outstanding when a couple of stimulus headline reactions triggered a collapsed to 3319.50. Monday night's 3379.00 high had complexity to qualify as a new Globex trend extreme requiring eventual intraday retest. Tuesday afternoon's slide didn't recover its bias-down signal in time to reject the 3381.00 bias-up target, which now becomes unfinished business. While ES defended positive territory, NQ was under pressure for a third consecutive session. Gold and Silver were crashing, along with Bonds and Bitcoin. ES isn't uniquely insulated from the same sponsorship, and late-afternoon headlines usually repel strong-handed counter-trend sponsorship. Tuesday's late low tested last Wednesday's lower prior highs. Their support was already productive after being tested Friday afternoon. The interim bounce was shallow enough for there to be some residual support, but closing lower Wednesday would put lower supports into play. Just opening Wednesday under 3311.00 would target 3288.00-3293.50. A bounce could be credible for already reversing momentum up, but I'll have to see the pattern producing it. 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 [NOT the direct link].

WED A.M. BIAS

At 10:15 the P.M. BIAS is BIAS-UP: above 3339.75 signal would target 3356.25. BIAS-DOWN: under 3317.75 signal would target 3303.00. NO-BIAS: between both signals. WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3346.25 3339.75 ...would target 3362.75 3356.25 Bias-down: under 3324.25 3317.75 ...would target 3309.50 3303.00 Signal status: BIAS-UP, BIAS-UP 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.