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

CHARTROOM LINK (pre-open Market Tour begins at 8:55 ET)

Through the prior close... Rallying overnight through the 1952.00-1953.00 objective attacked 1969.00. It was all retraced into and out of Friday's open to pierce back under Thursday's 1949.50 high. The balance of the session gyrated down to 1943.00. No traction was gained. But 1952.00-1953.00 was rejected. Overnight action's new info... Sunday night's opening dip to 1938.00 was soon recovered up to 1947.00. And that was the last of that. Returning to the open's low finally broke lower on the way to testing 1928.00. Ranging choppily up to 1934.50 for several hours ended abruptly by spiking up 11 points to test the resistance of this morning's 1940.25 bias-down signal on China's news. Its reaction down to 1931.50 was recovered entirely, and consolidating there has broken higher to  1943.50. If, then... Not gaining traction Friday despite trending down from open to close had made extending down today unlikely without delay -- not without gapping down significantly. Significantly, as in under 1937.00 or 1930.00.Having tested 1930.00 overnight, just opening positive above 1946.00 would allow not only probing back into Friday's range at 1952.00-1953.00, but would also allow retesting Friday's pre-open attack on 1969.00. Now having tested 1930.00 overnight, opening under 1937.00 could marginalize buyers for the day. First Trade... Exiting the open at 9:45 above 1946.00 would be unlikely to trigger the 1940.25 bias-down signal at 10:15. Exiting the open under 1939.00 would be likely to trigger the 1940.25 bias-down signal.

Flat open not attracting new sponsorship. Friday's cash session close equated to 1946.00. The overnight to 1928.00 was recovered to probe above 1946.00 by a couple of points before the open. Post-open action has not extended that recovery. Instead, the open immediately dipped back down to 1941.00-1942.00. Not gapping down had made a durable downleg unlikely. But it didn't require a recovery, and there hasn't been one.

The pre-open recovery to 1948.00 is being touched again now. It's both too late and too early to be reliable for extending higher. Nevertheless, during this no-bias environment, its 1953.00 bias-up signal can be tested.

Back under 1944.00 would likely also test the 1940.25 bias-down signal. Testing 1937.00 was likely, too, until this bounce back to 1948.00. Regardless of this morning's range, its delayed resolution does offer another suggestion that topping is underway.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  1968.75 1960.00 ...would target  1968.50  1966.00 Bias-down: under  1950.50  1948.00 ...would target 1945.50  1942.75 Signal status: NO-BIAS FAQ INTRO VIDEOS #1 and #2 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.

Basing resolves up before laying solid groundwork. Not gapping down had already indicated strong-handed sellers weren't retaking control this morning. Fresh lows became likelier as buyers further delayed retaking control, too.

The no-bias environment still had room up to its 1953.00 bias-up signal, so long as that defined the range's upper-end. But its test wasn't required, and wasn't even likely.

1953.00 was tested, anyway. Breaking higher well after the open gravitated up to 1952.00, and then surged to 1956.00. The bias environment exit is fluctuating narrowly around 1953.00. Not gapping down kept the market in Friday's orbit, attracted back to Friday's highs and higher. Its 1952.00-1953.00 resistance is now neutralized. Fresh highs would all but target at least 1960.00, if not also fresh highs above 1969.00. Back under this morning's 1945.00 open would signal the bounce had ended already.

Monday afternoon's decline gained traction for its effort. The bias environment was exited under the noon hour's low, and the final hour was entered under the bias environment's low. Tuesday morning should reward sellers with probing lower -- and not only momentarily. That reward can be delayed until the afternoon. None of Friday's range requires being tested, no matter how much likelier that had become Monday morning. But it was a mistake to give the late-morning rally too much credibility. Not actually a mistake, since it held the bias-up signal's resistance. But the late-morning rally did not earn any reward. Negating Monday afternoon's drop would all but require gapping up Tuesday above Monday afternoon's 1951.00 bias environment high. Gapping up above the afternoon's 1943.00 bias environment exit would be a contender. It's entirely possible that the retest of Feb 1's high has completed, and that the trend is reversing down. Momentum shouldn't delay being obvious, unless any further dipping is only delaying a retest of Friday's highs. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  1943.75 1940.25 ...would target  1949.50 1946.00 Bias-down: under  1932.00  1928.50 ...would target 1926.75 1923.25 Signal status: BIAS-UP, BIAS-UP TARGET MET FAQ INTRO VIDEOS #1 and #2 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.