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) Lower lows under Thursday's 3810.50 bottom were likely on Friday were likely. Piercing it 3 times overnight didn't fulfill the likelihood, even to as low as 3801.50, not when the overnight essentially ranged sideways. Fresh highs through the open up to 3852.00 were soon rejected by a collapse down to 3785.00, which would qualify. Reversing up probed fresh session highs at 3858.50 into the noon hour. The afternoon's 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retrace down to 3812.50 was recovered to 3851.00, before a last-minute plunge 61 points down to 3790.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Friday's last-minute plunge to 3790.00 wasn't likely to be productive for very long. Sunday night's gap up immediately retraced the plunge's last 3 minutes. Extending higher relentlessly attacked the collapse's origin to within 4 points. Resolving up through Europe's opens attacked Friday's earlier high up to 3857.00. Its consolidation back down to 3845.00 has yet to resolve. If, then... (notes to accompany the Tour recording) Simply retracing Friday's last-minute plunge doesn't change whether the burden of proof is still on buyers. Even without the plunge, Friday wasn't recovering any relevant resistance. And neither has last night's rally. But now sellers have more room to expend energy without damaging the chart, making a bottom possible without probing under Friday's lows. Bias Parameters... (linked here)

Legs. The 3859.00 open was the first recovery back up to overnight highs. Absorbing the interim ineffectual pessimism was well-rewarded. As the pre-open update assumed, resolving up was likely to resolve up immediately and obviously. Surging through the open has extended, and is still extending, now testing 3891.00. The next higher objective was put into play at 3892.00 upon exceededing 3877.00-3879.00. A pullback has room down to 3881.00 before triggering a deeper pullback targeting 3870.50. Extending higher would next target 3899.00. That's a calculable objective, among several others. The structural objective is to retest Wednesday's 3927.50 high.

MON P.M. BIAS

At 1:20 the P.M. BIAS is NO-BIAS BIAS-UP: above 3901.25 signal would target 3912.00. BIAS-DOWN: under 3885.25 signal would target 3876.25. NO-BIAS: between both signals.

Behaving like a gap-and-pause. Gapping up and trending higher through the morning is often the extent of that session's trending sponsorship. The balance of this setup's session becomes likely either to back-and-fill or to hover around the earlier highs. This morning's 3859.00 buy signal got to 3899.50, so buyers expended a lot of energy. Reacting down to 3885.00 coming out of the noon hour has reacted back up to earlier highs. A pullback has room down to 3874.50 while still qualifying as backing-and-filling or hovering. The latter would also form a gap-and-pause setup that has a specific resolution. But that needs to appear in the context of an ongoing multi-session uptrend, which today is not. Still, this afternoon's no-bias signal does make hovering likely, but we'll monitor for a new signal either way into the final hour.

Friday's last-minute 61-point plunge down to 3790.00 was already likelier to be retraced or at least corrected, instead of immediately extending down out of the weekend. Gapping up to Friday's 3858.50 high extended higher up to 3912.00, where the final hour reacted down to 3892.50. The entire session developed above Friday's range, but also still entirely within Thursday's range. Monday was disqualified from forming a session-long rally setup, but the session behaved that way anyway. All but one intraday timing window probed its prior timing window's high. The setup's influence would normally produce uptrending through Tuesday morning, too. We'll monitor for that possibility. PM Traction did form by exiting the afternoon bias window above the noon hour high, and then entering the final hour higher. Regardless of Tuesday's opening print -- even if gapping down -- the morning is likely to trend up. Trending down through the first 15 minutes would undermine the bullish setup. Nothing about Monday's session ensures extending any higher. But reversing back down now has a lot of room to expend selling pressure without reversing the trend down. 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 A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-DOWN, BIAS-DOWN TARGET MET BIAS-UP: above 3904.25 signal would target 3913.50. BIAS-DOWN: under 3891.50 signal would target 3879.00. NO-BIAS: between both signals.