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

Through the prior close... (summary of last Market Wrap) Trending down overnight gapped down Friday to 2850.25, ranging sideways up to 2858.00. Breaking lower attacked 2816.00 into the noon hour finally fulfilled residual bearish influence of Thursday's Globex-flip and session-long decline setups. Flat-to-lower ranging into the bias environment triggered bias-down under 2818.00. But only to test 2812.00 as ordinary Friday afternoon ranging developed. Its 2801.50 bias-down became "unfinished business.". Overnight action's new info... (nearby chart is last intraday session and Globex) Sunday night's 35-point gap down to 2789.00 soon reacted up to 2797.00, and gradually trended back down to 2771.00. Rallying into midnight was eventually extended to greet Europe's opens at 2814.50. The reaction briefly probed back under the open to 2783.50, where another bounce has developed. If, then... (notes to accompany the Tour recording) Overnight price action is qualified for neutralizing unfinished business at 2801.50 and 2777.00. Thursday's bearish Isolation setup is still anticipating a return to the 2717.00 prior low, although the basic proxy for its target was met at Friday's low -- coinciding with the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} pullback from Wednesday night's 2965.00 high. There is another proxy for avoiding an entire pullback to 2717.00, and last night's low tested it at 2775.75. So, recovering Friday's low through today's fist 15 minutes would start to signal the pullback is done. Similarly, failing to hold an intraday retest of 2775.75 would all but ensure extending down to the 2717.00 target. Meanwhile, Wednesday night's sudden and steep launch of this downleg has gotten more substantial, further fulfilling the usual end of a bear market rally. Rallying Monday could instead begin extending the rally to attack February's highs. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 2802.50 would be likely to trigger the 2811.00 bias-down signal. Exiting the open under 2786.00 would be likely to exceed the 2790.75 bias-down target and renew the bias-down signal.

Friday's low still attracting price back up. Monday's 2804.25 open was well under Friday's 2812.00 lows, which Sunday night's high had probed momentarily. The open didn't even bounce up to the 2811.00 bias-down signal before dropping to test the 2790.75 bias-down target. All of which was recovered through 10:15. Overlapping the 2811.00 bias-down signal at 10:15 had invoked the grace period. After extending the bounce to attack 2817.75, bias-down triggered late. This is a late bias-down environment, whose bias-down target is already met. The bias-down target is still likely to be met, but not required. The late no-bias environment has reacted back down to 2801.75, but still hasn't broken lower. Back above 2813.75 and 2819.75 would start to signal a bigger bounce underway -- probably only as a detour delaying an ultimate resolution down, but a detour with potential up to 2835.00-2836.00 or 2848.00-2849.00.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2835.25 2826.00 ...would target 2845.25 2836.00 Bias-down: under 2817.00 2808.00 ...would target 2797.00 2788.00 Signal status: BIAS-DOWN . 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.

Holding negative territory, and a narrow range. The open's drop to its bias-down target had recovered to trigger late no-bias. The balance of the session has ranged back down to 2802.00-2803.00 and up to 2817.50. Most recent is a reaction down that triggered the 2808.00 bias-down signal. Cleanly. But no fresh relative low has been probed. Fresh lows down to 2798.50 reversed up just minutes before signaling bias-down. Bias-down can still be invalidated by exiting the bias environment back above its bias-up target. Meanwhile, the pattern remains likelier to break lower, and to break lower aggressively. If it breaks lower, at all. Nothing currently seems to be inciting any breakout, for at least another half-hour.

Gapping down Sunday night soon extended lower to 2771.00. That included room for noise of the drop from Wednesday night's 2965.00 high to still qualify as only a pullback. But testing the room for noise overnight had required recovering Friday's lows through Monday's open. Instead, probing Friday's lows up to 2818.00 came too late to reverse momentum up. That didn't prevent ranging sideways into the final hour. The afternoon's bias-down signal left "unfinished business" at its 2788.00 bias-down target before rallying into positive territory up to 2836.00 into the close. Two resistance area were created by the intraday probe of fresh lows. Testing the first set at 2835.50-2836.50 defined Monday's late high. Ranging sideways through the cash session close keeps alive potential to the second set at 2848.00-2849.00. Monday's internals largely diverged from the higher close, which reflects the narrow breadth of stocks leading the bounce. That's not a sell signal, but a bullish scenario wouldn't tolerate a delay in extending higher on broader internal strength. Gapping down Tuesday at or above Friday's 2812.00 lows could still resume bouncing up to 2848.00-2849.00 where closing any higher would signal the pullback was done. Meanwhile, trending down through Tuesday's open and/or exiting the open under relevant support would more likely resume the decline aggressively through Sunday night's lows. 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.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2848.75 2839.50 ...would target 2858.25 2849.00 Bias-down: under 2831.50 2822.50 ...would target 2819.00 2810.00 Signal status: BIAS-UP, BIAS-UP 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.