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) After finally trending down overnight from 2950.00, Tuesday's 2916.25 open trended down further to the 2894.75 morning low. All helping to confirm that Monday's test of 2957.00-2963.00 "higher prior lows" did define the correction's peak from Thursday's 2855.00 low. Bouncing intraday finally peaked at 2924.50, the 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap fill back to Monday's close. It was holding organically when a China trade headline triggered its deeper reversal back down. That eventually probed fresh lows through the close down to 2890.50. Closing under 2898.00 could have been a compelling hold-short, if not for the late extra pessimism that borrowed too heavily from future potential selling. Overnight action's new info... (nearby chart is last intraday session and Globex) Fresh lows, soon after the Globex open, attacked the 2888.00 bias-down signal. Its support reacted up to test 2903.00 by midnight. Its retracement had greeted Europe's opens back down at 2892.00 which didn't resume the decline, but reacted up again to 2907.00. The bullish activity's reason was finally revealed in a China trade headline that triggered a 16-point surge attacking 2923.00. Another Chine trade headline triggered a 21-point spike up to 2934.00, which was entirely retraced immediately on the headline's correction. But a consolidation continues at 2913.00-2920.00. CHART If, then... (notes to accompany the Tour recording) Closing under Tuesday morning's low was not bullish. It didn't require the decline to extend lower without delay, or to any particular level. But it creates an anchor to help absorb interim reactions up -- so long as bounces now hold 2917.00, which the overnight bounce is consolidating around. Resolving down through the open is required to resume the decline this morning. Resolving down by noon might be required to avoid a bigger test of 2957.00-2963.00 than Monday's highs. Resolving down would next target the 2966.00 area. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2911.00 would be likely also to exceed the 2906.50 bias-up target to renew the bias-up signal at 10:15. Exiting the open at 9:45 above 2901.50 would be likely to at lest trigger the 2899.00 bias-up signal at 10:15.

But holding around the bounce limit. The initial overnight China trade headline reaction had been retraced by 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} back down to 2912.75. Consolidating around the 2917.00 bounce limit up to 2921.00 gravitated a little lower to become more about consolidating under 2917.00 before the open. Eventually the initial headline's 2906.50 origin was retraced to within 3 ticks. And 2917.00 continues to hold as resistance. The decline need not resume immediately, so long as bounces continue holding 2917.00 resistance. The balance of the morning might simply continue fluctuating choppily around 2917.00 while waiting for the bias environment to lapse. But exceeding this morning's 2906.50 bias-up target through 10:15 has renewed the bias-up signal. Back above 2918.50 would start to signal that the bounce limit isn't holding, and that a bigger bounce is underway. Meanwhile, trying to resume the decline this morning should be limited to the 2899.00 bias-up signal.

WED afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2921.00 2920.75 ...would target 2927.50 2927.25 Bias-down: under 2911.00 2911.00 ...would target 2903.00 2903.00 Signal status: NO-BIAS, TESTED BIAS-UP 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.

Ranging around resistance is getting choppy. This morning's bias environment was resisted throughout by the 2917.00 bounce limit, which keeps alive the likelihood for resuming the decline. The morning's range was defined by 2907.00-2917.00. Surging into noon entered a narrower range at 2916.00-2919.50, but still around 2917.00. Blipping-up from 2916.00 to 2924.50 at the noon hour's exit was reversed right back down to 2916.00. Holding a test of this afternoon's 2920.75 bias-up signal has triggered no-bias. And there's still no requirement to resolve the pattern either way, not so long as 2917.00 continues to define the range's upper-end. Like this morning, this afternoon may continue another sideways range until the bias environment begins lapsing in an hour.

Overnight favorable China trade headlines drove a rally from its 2888.00 low up to 2834.00. The initial first headline reaction was retraced Wednesday morning to its 2806.50 origin, but never rejected. Nor did the reactions resume, despite one or two afternoon attempts. The second attempt up to 2929.50 might have succeeded. But a late unfavorable China trade headline triggered a collapse through the close. The afternoon's rally was already compared to a stretched rubber band, and vulnerable to snapping back down without the headline catalyst. And the late collapse touched 2917.00 as support, qualifying it has having held its test as the session's bounce limit. The 2917.00 bounce limit did not hold decisively, which could still qualify by resolving down Thursday morning. Overbought RSIs at Wednesday's 2929.50 high may be tested first, even overnight, for greater confidence that a downleg is extending. Otherwise, the pattern is vulnerable to resuming and extending Wednesday afternoon's rally up to 2963.00. 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 2926.75 2926.50 ...would target 2933.75 2933.50 Bias-down: under 2913.50 2913.50 ...would target 2908.25 2908.25 Signal status: BIAS-UP, BIAS-UP 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.