The First Trade.

Proper context can start the day with a solid win and make all the difference.

Enter the Chartroom here (pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Three-day weekend volatility continued settling down Tuesday, while also laying the groundwork for extending higher later — a test of the 2087.50 bias-down signal put into play an offsetting test of the 2095.75 bias-up signal at new highs. Fresh highs through the noon hour probed the objective up to 2099.50, and held up long enough to trigger the afternoon”s bias-up signal — it was left outstanding, as more groundwork for extending higher later.

Overnight action”s new info…
Tuesday afternoon had drifted to 2093.25 before a last-minute pop-up. A narrow 2-point range at 2096.00-2098.00 through the night eventually dipped to within 1 tick of 2093.25. Now the original 2-point range is being attacked from below.

If, then…
Yesterday afternoon”s 2101.50 bias-up target became “unfinished business above” that requires being tested eventually. That should be sooner, rather than later, even if only to neutralize the rally”s higher objectives so a downleg can begin. That”s a risk, since that”s the only outstanding objective, and since yesterday afternoon”s probe of fresh highs weren”t maintained. Neither was the afternoon”s probe of fresh highs rejected, so the rally remains intact, albeit vulnerable to reversing down if another fresh high isn”t maintained. Ongoing Grexit drama or reaction to this afternoon”s FOMC Minutes can produce extreme sentiment that is vulnerable to becoming a sentiment extreme. Either way, Friday”s impending expiration should become a catalyst for sudden re-positioning that exacerbates any trending into Wednesday”s close.

First Trade…
Exiting the open at 9:45 above 2103.00 would be likely also to trigger this morning”s 2100.75 bias-up signal 30 minutes later at 10:15. Exiting the open under 2088.50 would be likely also to trigger the 2089.00 bias-down signal.