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... (summary of last Market Wrap) Friday's pre-open Employment Situation report triggered a spike up from 2897.00 to 2920.00. It was consolidated into the 2918.00 open where the first half-hour surged to 2934.00. Its 13-point correction was recovered into the bias environment exit and extended into a narrow noon hour range resisted by 2938.00. Fresh highs into the afternoon bias environment exit, on a trending day, qualified a Friday Factor that enabled extending the trend through the close. Which it did, for a last-minute touch of 2953.00. Overnight action's new info... (nearby chart is last intraday session and Globex) China trade news triggered a 21-point gap down Sunday night to 2930.00 that quickly spiked back up 9-10 points. The balance of the night has ranged narrowly sideways between this morning's 2935.50-2943.50 bias-down parameters. The range's upper-end also represents the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap retracement between Friday's close and last night's opening print. Only now is the range's upper-end being pierced, by 2 points up to 2947.00. If, then... (notes to accompany the Tour recording) Friday's rally extended the bounce from Thursday's 2874.00 low. Not quite a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the decline from 3024.50, but still sizeable. And higher than the optimal limit for being only a temporary corrective bounce -- which doesn't reverse the trend up, and anyway last night's gap down corrected immediately. Extending the bounce any higher should fail quickly if a bigger bounce into Tuesday afternoon will be avoided. Regardless, the next higher significant resistance is 2957.00-2963.00, with no requirement for being tested. The sideways overnight range could offer a late-Globex breakout setup that would be vulnerable to reversing more substantially through the morning, but its current breakout attempt is coming a little early. Sellers could regain control already Monday by exiting the open under the afternoon's 2934.50 low, and then challenge support at 2913.50-2915.00. Almost anything lower from there would all but ensure a retest of the 2874.00 and 2855.00 low, and there's no bullish reason for that. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 2940.75 would be likely at least to trigger the 2943.50 bias-down signal at 10:15. Exiting the open above 2947.75 would be unlikely to trigger bias-down.

Overnight range persists. This morning's bias-down parameters did a good job at defining the overnight range. Unfortunately, the did a great job at containing it, and at containing the post-open range, too. The 2943.50 bias-down signal was probed earlier up to 2946.75, holding as resistance. It never extended and was continually overlapped until collapsing through the open. That tested the 2935.50 bias-down signal to 2934.50. Its support also held. The collapse was retraced more gradually, still overlapping the bias-down signal at 10:15 to invoke the grace period. It was still being overlapped at 10:30 to avoid triggering either way, signaling a noN-bias environment. Not bias-down, which would require testing the bias-down signal, regardless of it having been tested already. Not no-bias, which would require an offsetting test of the bias-up signal. Bias parameters will still be influential, but not predictive or requiring any specific resolution.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2955.25 2956.00 ...would target 2962.00 2962.75 Bias-down: under 2945.25 2946.25 ...would target 2937.50 2938.50 Signal status: LATE NO-BIAS, TESTED BIAS-DOWN SIGNAL . 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.

And within moments, a surge to the bias-up. This morning's noN-bias environment had no requirements, but finally began gravitating higher to fill the gap back to Friday's 2950.75 close. Ultimately it was probed up to 2955.00 by noon. Its reaction fell to 2944.75 through the noon hour's exit. Meanwhile, this afternoon's 2946.25 bias-down signal's test invoked the grace period, and held to trigger no-bias. The bias-down signal would define the next hour's lower-end of the range. Within moments of signaling the lower-end of the range, a China trade headline surged to 2958.50. Being a no-bias environment, its 2956.00 bias-up signal should define the window's upper-end. And price is still ranging around it. Extending higher prematurely would be "no-bias trending" that requires eventual retracement. Delaying higher highs would have more potential to extend. But there's no requirement or greater likelihood for extending at all, and exiting the bias environment back under Friday's 2950.75 close could begin downtrending through the close.

Even before the intraday open, Monday was facing both an uphill AND a downhill battle. Gapping down Sunday night had attracted no sponsorship to extend lower, or counter-trend sponsorship to exploit the sudden discount. Overnight action simply ranged sideways between 2935.00-2942.50, holding both bias-down parameters through the open. And maintaining the overnight range still only triggered noN-bias. Probing Friday's 2950.75 close up to 2955.00 was only noise, and later probing positive territory up to 2959.50 was only a China trade headline reaction. Each was retraced, the second retracement extending back down to the 2935.00 overnight and morning lows. None of which provided any predictive value to the next resolution, ultimate resolution, or timing of either. But potential for briefly testing "higher prior lows" up to 2957.00-2963.00 was fulfilled and influential, so already resolving down into or out of Tuesday's open would be credible for extending. 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 2945.00 2944.00 ...would target 2952.50 2951.50 Bias-down: under 2935.00 2934.25 ...would target 2927.25 2926.50 Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED . 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.