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... Friday's 2084.25 open was essentially flat with Thursday's 2083.25 close, and soon probed Thursday's late low under 2080.00 down to 2079.00. Bouncing into the noon hour to test 2094.00 didn't prevent retracing it all into the weekend, the final weekend before this week's U.S. Presidential elections. Overnight action's new info... The FBI on/off effect was immediate. Both in terms of triggering a 26-point gap up to 2106.00, and in the overnight action only ranging around 2106.00. Choppily, down to 2103.00 and up to 2112.00. And now another attack on 2106.00 as support trying to bounce again. If, then... Room for noise under the decline's 2082.00 target down to 2077.50 had been attacked to within 2 points. It does not become unfinished business below. But the gap back does, although it can be "filled" by proxy back down to Thursday-Friday's 2094.00-2097.50 highs. Meanwhile, a corrective rally may be underway, especially so long as the opening 15 minutes of volatility gets out above 2108.75. The next set of "higher prior lows" begins at 2114.00, from which overnight action has hovered pessimistically short. The next higher set gets to 2120.00-2121.00, which is also a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement back to two-week old highs. Any higher would start targeting 2134.00 and 2138.00. After trending down into its close, gapping above the prior afternoon's highs forms a "session-long rally," but it's intraday effects can be less reliable when there is a weekend in between. First Trade... [Click here to view the Bias parameters] The open is too far removed from the Bias parameters for any early indications.

Gap up maintained, extended. The open's immediate bobble held a quick test of the 2108.75 pullback limit before extending back up to and through the 2111.00-2112.00 overnight highs. Sellers are likely marginalized for at least the morning. A running correction / rising wedge formed up to 2114.00. The pattern was entered and exited aggressively, then forming a potential plateau. Dipping back down into the wedge to 2112.00 could refuel the rally, but any lower could reverse the uptrend.

Avoiding any pullback from the plateau, and instead extending higher, could marginalize sellers for another 1-2 uplegs. That would easily get to and through 2120.00-2121.00, if not also to 2134.00 and 2138.00.

The plateau is actually resolving up now. The next opportunity for correcting down temporarily is likely from 2120.00-2121.00.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2128.75 2123.75 ...would target  2133.75  2128.75 Bias-down: under  2123.25  2118.25 ...would target 2118.00  2113.00 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL 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.

Relentlessly higher highs following the setup's template. Having trended down into the prior session's close, gapping up above its afternoon bias environment high can form a "session-long setup." All but one intraday timing window would then probe its prior timing window's high. That exception tends to be the noon hour, or else the last 60-90 minutes. Occasionally, the exception is the morning's bias environment. But not today, after it extended the post-open 6-point surge from 2108.00 another 7-9 points to 2121.00 and 2123.00. And it's not the noon hour, which immediately probed a fresh high.

All of which assumes this is a session-long rally. It may be, but developing with an interim weekend is not reliable. Nevertheless, we'll still tack the timing window template.

Price action since the noon hour's initial surge has ranged flat to lower, only slightly lower, testing 2122.00. A deeper pullback could end at 2118.25 or fall to 2113.50, and still not signal the trend reversing down. Probing a fresh high during this current bias environment would enable raising the sell signal, but not the potential attraction's below. Complying entirely with the template for a session-long rally wouldn't make its other features any more reliable. But I should note that when the setup's timing windows do extend correctly, the following morning tends to probe higher, too.

The gargantuan character of Monday's rally was attributed as much to its catalyst as to its timing, The FBI weighed in favorably on Clinton, after a relentless two-week decline from 2150.00 had fulfilled its 2082.00 target. That perfect storm may be responsible for fulfilling a session-long rally, despite the setup's intervening weekend which often renders the setup unreliable. But intraday timing windows complied with the session-long rally template by there being only one exception to each probing its prior timing window's high. Essentially, that was the final 60-90 minutes which pulled back. Surging to fresh session highs into the close at 2130.00 was isolated to after the position-squaring window had begun lapsing. Dismissing that would allow the session to comply fully with the session-long rally template. Continuing to comply would suggest Tuesday morning will probe higher, possibly trending, next attracted to 2134.00 and 2138.00. A pullback could test Monday's mid-day "lower prior highs" down to 2123.50 without even hinting of reversing the trend. Dipping deeper to 2118.25 would start to threaten, but still have room down to 2113.50. 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  2137.50 2132.50 ...would target  2142.75  2138.00 Bias-down: under  2128.25  2123.50 ...would target 2123.25 2118.25 Signal status: BIAS-DOWN 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.