S&P
Mid-day Update… Still ticking.
Post-open surge extends up sharply.
Ranging relatively narrowly at or under this morning’s 2902.50 bias-up signal did eventually break higher in time to invoke the grace period. And it did trigger. 
Consolidating at its 2909.00 bias-up target developed an Ascending Triangle continuation pattern, which also eventually broke higher.
This morning’s 2916.00 high has since held as resistance, while an extremely narrow noon hour range hovered there.
Beware the first break from an extended narrowing range, which is often false. Especially if it’s alluring. So, almost literally exploding higher would be vulnerable to reversing back down, especially without triggering the 2818.00 bias-up signal.
Otherwise, the most bearish scenario for this afternoon may be sideways ranging, backing and filling to the 2908.00 bias-down signal. The morning’s vulnerability to reversing the trend down is much less so this afternoon… at least, until the final hour.
Look ahead: Economic Calendar – for Thu Aug 30, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Thursday’s Clams is high-profile, but has no current reliable track record for influencing price action. The day’s other report has neither the influence nor the profile.
Jobless Claims
8:30 AM ET
Personal Income and Outlays
8:30 AM ET
EIA Natural Gas Report
10:30 AM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
Afternoon Bias
| WED afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 2917.25 | 2918.00 |
| …would target | 2924.25 | 2925.00 |
| Bias-down: under | 2907.00 | 2908.00 |
| …would target | 2901.25 | 2902.25 |
| Signal status: NO-BIAS | . | |
| NEW: 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.
Post-open Review… Avoiding another reversal.
Or, has it only been delayed?
Last night’s bounce to 2905.00 was reversed back to unchanged at 2899.25 before the open. 
And that was probed momentarily down to 2897.50.
But retracing doesn’t equate to reversing.
Firming into the 2901.75 opening print also touched this morning’s 2901.50 bias-up signal, and the test was on. Touching would require either triggering it to put in-play its bias-up target, or holding it to put in-play an offsetting test of its bias-down signal.
Invoking the grace period resolved up, quickly compensating for the delay. Intraday tests of the gap back to yesterday’s 2903.25 open and the 2906.25 “new Globex trend extreme” are now done. Their likely higher objective at 2909.00 is being met, too.
I’m not ruling out a reversal into negative territory. Probably not while RSIs remain overbought at the most recent high. And probably not if already reversing down into noon. New highs can also become much, much higher new highs, so I’m definitely not selling before a signal triggers.
The First Trade & Pre-open Tour Recording… Squeezing in a dip?
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…
Tuesday’s gap up to 2803.00 was already retracing the 2906.25 pre-open high, which was a “new Globex trend extreme.” The balance of the morning trended down to 2894.25, then ranged sideways back up to 2901.00 through the close. It was the third consecutive morning to trend through the bias window’s 11:30-noon exit. And it was the fourth consecutive afternoon to range sideways, gaining no traction. The morning’s 2892.25 bias objective is “unfinished business” below.
Overnight action’s new info…
Upon further thought? Tuesday afternoon’s range immediately broke higher, reaching 2905.00 by midnight. Ranging narrowly there started breaking lower into Europe’s opens, back to unchanged at 2899.00.
If, then… (notes to accompany the Tour recording)
The 2906.25 new Globex trend extreme requires an eventual intraday retest. So does the gap back up to Tuesday’s 2903.00 opening print, being above all prior highs. Their retest is likely to extend up to 2909.00. Their retests seemed to be underway last night, until the initial overnight rally was retraced back down to its origin. But not reversed… not, yet. Any dipping ahead of holiday bullishness should be completed today or early tomorrow. Unfinished business below at 2892.25 could be tested down to 2884.50 or 2880.25.
First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 under 2901.50 would be unlikely to trigger the 2902.50 bias-up signal at 10:15. Exiting the open above 2898.25 would be unlikely to trigger the 2893.25 bias-down signal.