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... Sunday night's gap up immediately fulfilled the 2091.00 "unfinished business" left outstanding from Friday. Trending down into and out of Monday's open extended to fresh lows through the morning. Reacting up from a blip-down to the 2071.50 bias-down target launched the afternoon's recovery, eventually probing fresh session highs up to 2082.00-2083.50. No traction was gained in the session's "ineffectual pessimism," and no unfinished business was left outstanding. Overnight action's new info... Creeping higher... Narrow ranging initially maintained Monday's late 5-point surge. Another sudden surge 5-point attacked 2088.00, but it was soon retraced down to 2081.75. Firming into Europe's opens soon surged to a fresh high testing 2091.00. Now its reaction down is trying to hold 2085.00. If, then... Monday was the third consecutive session since Wednesday's high to probe under the prior day's low, with lower highs. Despite the multi-session trend, Monday's close recovered back above the two prior sessions' lows. Will the slowing momentum be exploited today? No traction was gained yesterday, so resuming yesterday afternoon's rally this morning requires gapping up -- which is currently indicated. The gap up must also be maintained through the open and preferably also extended. Regardless, the alternative to rallying this morning would be to resume the downtrend from last Wednesday's high... Afternoon volatility may be inhibited by high-profile earnings due after today's close from AAPL, EBAY and (to a lesser degree) CMG. First Trade... Exiting the open at 9:45 under 2083.50 would be unlikely to trigger the 2086.00 bias-up signal at 10:15. Exiting the open above 2088.00 would be likely to trigger bias-up. Exiting the open above 2093.50 would be likely to renew the bias-up signal.

Post-open rally attacking overnight highs. Not just last night's 2091.25 high was attacked. So was Sunday night's 2091.50 gap up. All within 3 ticks of this morning's 2091.75 bias-up target, which is a lot of resistance. Even if we knew with 100{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} degree of certainty it would be exceeded, nothing prohibits an obligatory reaction down. In fact, a 4-1/2 point dip is attacking the 2086.00 bias-up signal to within 3 ticks. Regardless, the burden of proof will be on sellers to retake control. Exiting the bias environment back under its 2086.00 bias-up signal would be a start. Actually, back under 2086.00 through 10:30 would invalidate 10:15's signal already. Otherwise, absorbing this reaction down would be likely to extend higher today, next targeting 2110.00.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2093.50 2087.50 ...would target  2099.50  2093.75 Bias-down: under  2085.50 2079.75 ...would target 2080.00 2074.00 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.

SPECIAL MESSAGE TO XP USERS: Anymeeting is no longer compatible with XP. Please contact me ASAP if you are affected by this so I can offer a solution. Tuesday afternoon's narrow ranging unfortunately fulfilled expectations that volatility would become inhibited ahead of AAPL's post-close earnings. Fortunately, that range included session lows, which were retested by a blip-down. Its recovery back into the range nearly flat-lined around 2084.50 until a last-minute spike up at the close to 2089.00. The spike up was literally last-minute, certainly too late to be predictive. Too late to trigger a signal like Monday afternoon's rally had tried to announce, for extending higher overnight and through Tuesday's open. No traction was gained again Tuesday, once again requiring Wednesday's open to gap if it intends to trend intraday. Even then, there is no trending to resume, so gapping must extend quickly to avoid reversing back into the range. Already having chipped away at resistance, gapping up to retest 2091.00 would be more reliable for extending higher. Otherwise, fresh lows would target 2067.00-2069.00. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2094.00 2088.00 ...would target  2099.50  2093.75 Bias-down: under 2086.75  2081.00 ...would target 2081.50  2075.50 Signal status: LATE 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.