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…
Tuesday”s open gapped down 17 points to a new low, immediately fulfilling the decline”s 2060.00 target. The morning”s extended down to test the next lowest target at 2048.50, which then supported flat-to-lower ranging through the afternoon. That is, until the position-squaring window ended. The session”s last several minutes plunged to 2041.25

Overnight action”s new info…
Immediately rallying until retracing Tuesday”s late plunge then corrected into Europe”s opens. Higher highs reached 2052.25. Its reaction down is now testing the late plunge”s 2048.50 origin as support. By several ticks.

If, then…
Having trended down into yesterday”s close, gapping up above yesterday afternoon”s 2054.25 high would form a “session-long rally” setup. That has been attempted to within 4 points, which isn”t yet close enough to consider a failed attempt. That would invert the potentially bullish setup into being bearish. Meanwhile, 2048.50 and 2056.00 are big lines in the sand that can define whether the decline extends next to 2037.00, or begins a big recovery attempt.

First Trade…
Exiting the open at 9:45 under 2047.75 would be unlikely to trigger the 2053.25 bias-up signal at 10:15. Exiting the open above 2055.00 would be likely to trigger bias-up. And exiting the open under 2043.50 would be likely at least to test the 2041.00 bias-down signal.