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

DAILY SCHEDULE Watch the pre-open Tour recording* HERE <<== *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. chaRTroom** is now open... Pre-open update is at 9:15 ET **This is NOT the direct chaRTroom link

Through the prior close... (summary of last Market Wrap) Thursday had rallied 20 points in the close, and eventually 40 more points overnight to attack 3145.00. The market had been bursting at its seams to start trending, but the overnight rally had only stretched the rubber band. Expiration sunk its teeth into the session by trending down through the open, which still could have rallied that afternoon, but for several COVID headlines. Selling accelerated into the noon hour's 3078.50 low. A choppy afternoon slid 27 points under its 3084.25 cash session close in a usual expiration phenomenon. Overnight action's new info... (nearby chart is last intraday session and Globex) Those 27 points became 54 points at the Globex open. Its gap down immediately extended to 3027.25, testing the decline's next lower objective at 3030.00 that we had discussed during this weekend's Saturday Review. One live calculation in between at 3045.00 was leap-frogged over, but soon being tested as resistance. That early low had just as quickly begun reversing up. And Relentless Overnight Trending has extended to attack 3097.00. Now its reaction is testing Friday's 3084.25 cash session close as support down to 3078.00. If, then... (notes to accompany the Tour recording) We were prepared for expiration's post-close relentless ticking through the close. We were also prepared for immediately rejecting that mechanical anomaly, as early as Sunday night gapping back up. But weekend COVID data leaned on sentiment enough to delay a bullish rejection until Monday's regular open. At least, that's the bullish setup in-play, as last night's post-open rally back above Friday's 3084.25 cash session close now struggles to absorb a reaction down. Extending this pre-open pullback could test 3074.00-3077.00 just as noise (being tested now), but under 3066.00-3067.00 would start putting back into play 3045.00 and 3030.00 if not also lower. A bullish Relentless Overnight Trending setup would no longer be considered if 3074.00-3077.00 fails to hold as support. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 3084.25 would be unlikely to trigger the 3090.25 bias-up signal. Exiting the open above 3074.00 would be unlikely to trigger the 3067.00 bias-down signal. Exiting the open under 3060.25 would be likely to trigger bias-down.

Still awaiting confirmation. The overnight recovery up to 3096.75 was retraced back under Friday's 3084.50 cash session close down to 3075.00. A trend of higher highs and higher lows remained intact to form Relentless Overnight Trending, and the opening 15 minutes trended down. Often that will reject the overnight trend and retrace it through the morning. The setup isn't required to resolve that way, and this being post-expiration makes it even less reliable. In fact, a more reliable setup too precedence when this morning's 3067.00 bias-down signal held its test. Maintaining it as support would have put into play an offsetting test of the 3090.25 bias-up signal. Then 3090.25 was triggered through 10:15 to signal bias-up, putting into play its 3111.00 bias-up target. Wait, there's more. Seasoned subscribers know that even most volatile opens don't flirt with multiple contrary signals, let alone trigger them. But today's post-expiration residue seems to still be settling. The bias-up signal was probed up to 3095.25 has of 10:15, but not yet any higher. That confirmation is now sorely missed, as price dips to 3082.50. Back above 3088.00 would signal the rally had resumed. There is otherwise room down to 3082.50 (now being touched)before starting to signal a deeper pullback underway. And until confirming bias-up above 3095.25, it can be invalidated by entering the noon hour under the 3067.00 bias-down signal.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3110.50 3098.25 ...would target 3122.75 3110.50 Bias-down: under 3095.50 3083.25 ...would target 3086.25 3074.00 Signal status: BIAS-UP . 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.

Morning pullback recovers to Friday afternoon highs. This morning's 3090.25 bias-up signal was probed by 5 points, putting into play its 3111.00 bias-up target. The target was left outstanding as unfinished business, delayed by a pullback. The pullback was a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} correction of the rally from this morning's 3067.00 bias-down signal. Recovering back through the pullback's origin makes the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} pullback very constructive to extending the recovery. The recovery extended up to 3107.00 as the noon hour ended, testing Friday afternoon's highs. RSI and inverted VIX both diverged negatively from price, which is now probing a sell signal under 3100.50. Its potential for another pullback is targeting 3088.00-3090.75. Regardless of the potential for a deeper pullback, back above 3105.50 would signal the rally is already resuming. Closing above the room for noise above Friday afternoon's highs, which extends up to only the 3111.00 area, would all but require extending higher Tuesday.

REMINDER: TUE 6:30 ET WORKSHOP -- "SETUPS AND PATTERNS" Monday's open was greeted by Relentless Overnight Trending that had attacked 3097.00. No small feat after Sunday night's gap down had attacked 3027.00, 54 points under Friday's 3084.50 cash session close. Monday's open repeated the pattern by attacking 3066.00 and immediately launching its own relentless intraday trending. Bias-up triggered twice, and their 3110.50-3111.00 targets were met by a rally through the close up to 3114.00. Having neutralized the bias-up targets, no nearby, recent unfinished business remained to help attract price higher. And the intraday rally gained no PM Traction for its efforts, having exited the bias environment at 2:30 still under the noon hour high. This doesn't prevent rallying Tuesday morning, but its start requires gapping up. Trending up at some point remains likely. Multiple internal downlegs during the past week's sideways range have originated too low to be distributive, and held prior lows to avoid gaining traction. Negative COVID headlines have reflected more of the same -- more versions, more depth, but only more of the same -- and should be fully discounted by Tuesday, if not already. The two-week old Island requires being retraced, and the Payrolls report's gap up above all prior highs requires being filled. Not on any particular time frame, but they're the likely attractions so long as Tuesday doesn't gap down and extend. See details and other markets coverage in the post-market Wrap recording* here. *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. Monitor overnight Globex trading in the chaRTroom here [NOT the direct link].

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3128.25 3116.00 ...would target 3142.00 3129.75 Bias-down: under 3111.75 3099.50 ...would target 3100.25 3088.00 Signal status: BIAS-UP, BIAS-UP TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE 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.