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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... The last calculable corrective bounce limit at 2477.00 was tested Friday. Each of the timing windows testing it held -- pre-open, post-open, noon hour and late-afternoon. Gapping up from Thursday's 2471.00 close spent the entire session in positive territory, but the afternoon retraced the morning's trending. And Friday's 2479.75 high held that "sweet spot" we've been discussing which is just under July's 2480.50 pivotal high (the high prior to August's actual high). Closing 3 points back under  2477.00 wasn't itself bearish, but it kept the "correction" label on last week's rally. Overnight action's new info... N. Korea launched another missile over the weekend. Sunday night's gap down to 2460.25-2461.25 was Globex's worst levels. Firming into Monday's 1:00 close touched 2469.00 resistance while fluctuating around the extending July's downtrending pivotal resistance that had intersected at 2469.00 Thursday. Monday night's Globex probed higher to 2470.75, twice, each time reacting down to 2465.25. Now the downtrending pivotal resistance is being tested around 2467.50. If, then... The latest N. Korea missile launch produced a market plunge like last week's. Will this week's plunge launch its own rally, too? There are differences. Last Monday night's overnight reaction was deeper at 20-22 points, compared to Sunday night's 13-14 point gap down. But a bigger difference is last week's plunge fulfilled the target of a corrective dip already underway, while this week's plunge appears just in time to prevent last week's rally from exceeding its corrective bounce limits. The launch may not have been targeting that vulnerability in the charts, but it was a direct hit. And last week's knee-jerk reaction was to a one-off headline, but there are reports already of another launch being prepared. Ironically, its delay may now be the recovery's greatest vulnerability, as the Pavlovian market is reluctant to buy before the plunge it has now been conditioned to expect. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2471.75 would be unlikely to trigger the 2469.00 bias-down signal at 10:15. Exiting the open under 2466.00 would be likely to trigger bias-down. Phonetic dictation... good morning and welcome it is Tuesday at Stanford Tuesday's Morning Market or hope everyone had a good weekend couple know well maybe one down here at the top Adobe is pushing some sort of a product release or upgrade or update I'm singing notification of it and I'm sure you are too whether you are or not I will have more information on that in the next couple of days it looks like it's something that we have to implement by the end of the week so I'll be on that and let you know the market so Friday I made a couple comments at the close comment one was Monday's holidays really a company to buy significant price action by significant okay so it's also rarely accompanied by a North Korean missile launch but that's what it took to get some significant price action which was a tremendous cab down Sunday night notice the influence of a couple things here number one was that the recovery really through Monday morning Monday or Monday at 1 is when the holiday session closed this is that down trending resistance that we've been tracking down trending pivotal resistance off the pivotal High bisecting the actual High through the key High it was influential on Thursday to Thursday when is it was influential last week Thursday on Friday afternoon and last Tuesday nights reaction also remained Under Pressure until the open and we expected that to hold in the launcher rally and it did big of a rally as was possible but still being within the context of just a temporary correction what's to prevent last night or Sunday nights reaction and extension through Monday and last night from also launching a recovering couple things but they're not decisive first of all last week's drop as I described or last week's plunge was able to accelerate and complete a correction that was underway this week is hitting a vulnerability this week is hitting the market that was vulnerable because it's rally had extended literally expended all available buying pressure without yet proving it was anything more than a temporary correction and higher would have been more than a little correct or more than a temporary correction and would have been able to tell us decisively today this plunge going to be recovered we don't have that that luxury today last week's High came right into that sweet spot avoiding the pivotal Heidi actual High being in August the pivotal I haven't printed that is what was the actual High until being exceeded the pivotal High 2480 50 being attacked but avoided on Friday touching that would have all been insured new rally leg underway will end of the 2500 handle so that sweet spot basically made the market vulnerable to reaction down another difference just to point out that might actually counter-intuitively prevent or inhibitor recovery is that last week's reaction down was about 21 or 22 points last night's reaction was a little tamer little less substantial so which is it is the market conditioned to accept it has the market been conditioned to accept a nuclear North Korea which seems to be the political effort underway and so they'll just sell off and I need your pavlovian conditioning reaction expecting a recovery or with another missile being reported on already working its way to the launch pad and presumably about to be triggered itself there for a bad to produce another plunge shallower as it may be or whatever just waiting for that may be inhibiting a recovering so it's going to be tough to produce a recovery if everybody's looking for another launch which last week wasn't so much the case last week there wasn't anything out there that was suggesting anything impending and nothing was intended and it didn't come in till the weekend and now there is something in pending and that may prove that made turn the market more into sellers of strength as opposed to buying this plunge for the purpose of resuming the rally bottom line is I keep an eye on this down training resistance it'll be displayed on the three minute chart on the left we'll see where we open right now we're trading 69 69 is this morning's biosignals support until it's broken to break through testing resistance testing and and there's not a lot of support here back to Thursdays lose because Thursday's we test of its opening low as chipped away at its support already this kind of an air pocket there so even though 2464 what 2464 is the bias down Target anything lower really doesn't have much it looks like there's some blue Kotori support their of course but it's been tested and retested so not a lot of reliability for preventing and deeper dip and we start falling off the cliff here we've got those ahead on Wednesday Tuesday night and Gap Town on Wednesday and reporting that Sunday night's Gap up to 3953 940 be tested but as deep of or is extracted as this range this congestion is Ben I do think we're even in the most bearish scenario going to have to test the actual eyes and then reverse down before having any degree of confidence that a new down like is underway Long Pond little jump that it needed from haven't closed under at least overlapping if not closing under this pull-back limit range so gapping up helps to reject the clothes under it to the degree that was a close under it and not still overlapping it but we still have unfinished business of the Gap up above all prize actually not above the prior rally some overlap hear the dees doesn't really displayed as well as up that you can see the so on the way to  .

Terribly choppy open ultimately rejects buyers. For all of the fluctuation since Sunday night's plunge and Globex action through the holiday, pre-open ranging narrowed in on Tuesday's 2469.00 bias-down signal. The open essentially printed it, and then volatility expanded sharply again. Surging to 2471.25 quickly reacted down to 2465.50. Recovering almost the entire reaction was itself been retraced almost entirely. The recovery had held above 2469.00 in time to trigger no-bias, and in time to avoid invoking the grace period. But dipping again back under 2469.00 through 10:30 invalidated that potential upside. Now its 2464.00 bias-down target is being met, despite the dip having come too late to trigger bias-down or to invoke the grace period. This behavior matches that inhibition against rallying which I described during the Market Tour. Exiting the bias environment at 11:30 back above 2469.00 would be very bullish. But that faces an added degree of difficulty as fresh lows down to 2462.25 have taken both 1-minute and 3-minute RSIs simultaneously oversold.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2468.50 2467.50 ...would target  2473.75 2473.00 Bias-down: under  2462.25 2461.50 ...would target  2456.50 2455.50 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED 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.

Renewed bias-down target met. Selling had resumed at noon and plunged through the 2461.50 afternoon bias-down signal to its 2455.50 bias-down target. And lower, through the afternoon's 2448.00 renewed bias-down target to 2445.50. All before the bias timing window even triggered. In fact, that was greeted by a 6-point bounce to 2451.50. Still renewing the bias-down signal, but holding a test of the renewed bias-down target. That bounce didn't extend, which another dip is now attempting. The initial dip's reward would have been 2455.50. Now its potential could be much more substantial. Back under 2448.00 would instead signal the decline is resuming. And resuming the decline at this stage would put into play 2432.00 and 2419.50. So, not only containing the decline but also reversing its momentum back up could be the last defense against a very bad week.

This Tuesday's reaction to the latest N. Korea missile was decidedly different than last Tuesday. Post-open action didn't rally, and overnight lows were probed. At least recovering to close back above the 2460.25-2461.25 overnight lows could have isolated intraday sellers, but they proved too strong-handed. And that was despite having trended up since exiting the noon hour off of 2445.50. An uptrend that nearly fulfilled an attraction to "higher prior lows" at 2461.00. So, expending buying pressure all Tuesday afternoon, nearly fulfilled its potential, holding resistance without trapping any shorts. As suspected before the open, rallies would be inhibited. As suggested at the close, it's not just weak hands that are inhibited. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2461.75 2461.00 ...would target  2467.50 2466.75 Bias-down: under  2453.25  2452.50 ...would target 2447.50  2446.75 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.