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

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... Thursday night's narrow sideways range had broken through its 2926.50 upper-end to 2932.00 in reaction to GDP. Having originated 60-90 minutes pre-open, the breakout was reversed back down through the open to the overnight range's lower-end at the 2919.50 bias-down targte. The reversal attempt failed, likely marginalizing sellers for the day. Separately, holding tests of both bias-down parameters put into play offsetting tests of the 2934.00 and 2940.75 bias-up parameters. They weren't required to be met because the rejection was late, but their tests were fulfilled anyway. Also met was "unfinished business" from prior sessions at 2942.00 and 2942.75 by Friday's last-minute surge to 2942.75. The surge came too late for its new high close to create new unfinished business. Overnight action's new info... A painstakingly narrow 2940.50-2943.00 range developed well through midnight before showing any signs of life. It was a brief surge to 2944.75, and then a reaction down to 2941.25. Another surge to higher highs attacked 2947.00, but no less brief, as its reaction down fell to lower lows at 2940.00. And now a consolidation there is probing lower. Now the 2939.35 earlier Globex low is being probed as support. Each of the overnight probes to higher highs was a singular surge, and each reacted back down under Friday's high. So, neither qualifies as a "new Globex trend extreme" that would otherwise require intraday retest. If, then... (notes to accompany the Tour recording) New trend highs overnight that don't qualify as a "new Globex trend extreme" does not prevent their intraday retest, but it's not required. No other "unfinished business" above is outstanding, but that doesn't prevent extending higher anyway. Borrowing (and slightly twisting) Newton's first law, the uptrend remains intact until a reversal setup appears. And then that setup must make impact. A bearish Globex-flip setup is trying to form, as an overnight probe above the prior 2942.75 intraday high has been reversed to probe under the 2939.35 earlier Globex low. Meanwhile, be aware that Friday-Monday setups are less reliable, and also breaking under the 2935.75 last relative low would be helpful confirmation. If fully formed but not triggered, the setup's consequence should be as bullish as it could have been bearish, which means influencing the morning's trend. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2946.50 would be likely to trigger the 2944.50 bias-up signal at 10:15. Exiting the open under 2940.75 would be unlikely to trigger bias-up. Exiting the open above 2940.75 would be unlikely to trigger the 2936.50 bias-down signal.

Up in the absence of down. The 2939.00 earlier Globex low had been threatened overnight by 5 ticks. But the 2942.00 open wasn't threatening it, at all. Breaking under 2939.00 through the open was necessary for the Globex-flip setup.

If the setup wasn't even threatened at the open, then it couldn't be rejected. Its consequence couldn't be as bullish as it would have been bearish. So, Globex-flip is irrelevant this morning.

That doesn't prevent rallying anyway. So long as sellers weren't retaking control, there was an attraction to higher highs. They didn't require a retest, but that didn't prevent rallying anyway, either. The open surged to fresh highs attacking 2948.00. Reacting down to 2941.00 didn't prevent triggering late bias-up above 2944.50. Now 2948.00 is being attacked again, as the 2950.50 bias-up target is in-play.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2945.00 2946.75 ...would target 2952.50 2954.25 Bias-down: under 2934.75 2936.50 ...would target 2927.75 2929.50 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's target neutralized, new target in-play. Although triggered late, this morning's bias-up signal was confirmed when the market printed a fresh high above its pre-10:15 high. Its 2950.50 bias-up target wasn't met before this morning's bias environment lapsed, so it became "unfinished business." Attacking it to within 3 ticks during the noon hour neutralized it. It is no longer unfinished business. Never mind that, this afternoon's 2946.75 bias-up signal just triggered. Its 2954.25 bias-up target is in-play. A fresh high above 2950.00 would help to confirm. Meanwhile, back under the bias-up signal through 1:30 could invalidate the bias-up and leave no unfinished business above. Probing lower any later would otherwise likely be only temporary, unless also rejecting the 2936.50 bias-down signal.

Monday's open had already shrugged off a threatened Globex-flip. Probing above Friday's 2942.75 high Sunday night to 2946.75 would have been the rubber band stretch, and exiting the open under the 2939.00 Earlier Globex Low would have been the snap back down. But the pre-open test of 2939.00 was recovered before the open, negating the bearish setup. Triggering the morning's bias-up signal had left its 2950.50 bias-up target outstanding, but the noon hour neutralized it. Triggering the afternoon's 2946.75 bias-up signal left its 2954.25 bias-up target outstanding. Attacking it up to 2951.50 didn't prevent a late-afternoon drop back down to the morning's 2944.50 bias-up signal as support. And lower through the close to 2941.75. The session barely closed positive, but it closed positive. Anxiousness ahead of GOOGL's post-close earnings was probably the culprit behind inhibiting the afternoon's rally. Well-deserved inhibition, as GOOGL plunged 73 points just minutes after my pre-open update noted Monday's suspiciously late bounce to 1293.00. That's now history, and fully discounted by the market. Tuesday's econ calendar is very heavy with plenty of reports, and Wednesday's calendar is very weighty with FOMC events. The quarterly earnings onslaught continues, and this stage continues shaping a different profile than the first round of reports. 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 2948.00 2949.75 ...would target 2953.25 2955.00 Bias-down: under 2939.75 2941.50 ...would target 2933.25 2935.00 Signal status: BIAS-DOWN . 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.