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 pre-open Employment Situation report was greeted at the 2039.00 lows of 2-1/2 week old decline from 2105.00. The next lower objectives at 2030.00 and 2035.00 were fulfilled before the cash session open, which surged immediately to attack 2047.00. Retesting 2035.00 launched another rally, lasting through the close and extending to 2052.00-2054.00. The pre-open low was a "new Globex trend extreme" that will require eventual retest intraday. Overnight action's new info... Sunday night's 2053.00 open quickly surged to attack 2058.00. Ranging back down to 2053.50 broke lower into Europe's opens, probing negative territory down to 2049.00. Consolidating the dip for an hour then resolved up to probe fresh highs at 2059.50. If, then... Stopping short of 2056.00 Friday afternoon kept the session's rally from reversing the trend up. If testing 2030.00 and 2035.00 ended the ongoing decline, then gapping up through 2059.50 is the next opportunity to try signaling it. Already testing 2059.50 overnight doesn't make its recovery likelier, other than the nearer proximity. It's still resistance, and holding its test still has a big consequence -- like Wednesday night's failed rally. First Trade... Exiting the open at 9:45 above 2057.00 would be likely to trigger the 2055.00 bias-up signal at 10:15. Exiting the open under 2052.25 would be unlikely to trigger bias-up.

Post-open surge still thoroughly tests resistance. The 2055.00 bias-up signal just triggered. So long as it isn't invalidated back under 2055.00 through 10:30, it's entirely capable of testing its 2061.00 target. 2055.00 is being tested now as support. It's too late to trigger no-bias and to require an offsetting test of the 2041.00 bias-down signal. Not bouncing back above it through 10:30, and no longer overlapping 2055.00 would simply invalidate the bias-up. Recovering to 2056.00-2057.00, and probing it up to 2058.75, expended a lot of buying pressure. I would have given it a benefit of the doubt if it had extended quickly through 2059.50. But buyers aren't exploiting that, as now 2052.00 is being tested as support. Regardless of the bias environment, there is room back down to 2041.00 simply as noise, while waiting for new traction to be gained.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2062.00 2056.00 ...would target  2066.75  2061.00 Bias-down: under 2053.25  2047.50 ...would target 2047.75  2041.75 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.

No-bias doesn't prevent late-rally, but leaves a path down. The consequence to invalidating this morning's bias-up signal was to probe a fresh extreme in the opposite direction. So, the 2050.50 opening print was probed to a fresh post-open low at 2048.25. Its attraction was another 3 ticks lower, so it was essentially neutralized. The reward for absorbing the fresh low was to test 2056.00. That also became this afternoon's bias-up signal. It was tested and held in time to trigger no-bias, and now the bias environment's upper-end should be defined by 2056.00.

Hovering here would position the market strategically to resume Friday's rally when the bias environment begins lapsing. Backing-and-filling could still recover and rally, but probably not from under 2051.00. Similarly, attacking post-open lows would position the market near this afternoon's 2047.50 bias-down signal for a late-afternoon drop.

In either case, whether resolving up or down would be likely to extend in that direction through Wednesday morning. Rallying through today's final hour would signal what Friday's rally didn't, that the ongoing decline did end at 2030.00. A new downleg today would instead resume the decline, which the limited bounce has maintained.

Obligatory resistance at Monday morning's 2058.50 high wasn't recovered before the close. Pressuring price down through the 3:10-3:20 timing window prevented confirming that the final hour's entry above the bias environment's high had gained traction. Trending up Tuesday morning is unlikely without gapping up. The pressure persisted into the cash session close and down to unchanged at 2052.25. Holding 2056.00 as support, or recovering it, would have made an overnight rally a little likelier. It's still possible, but it's still not required. Without signaling a recovery is underway, the door remains open to resuming the ongoing decline. More than retesting Friday's 2030.50 pre-open low down to 2027.00, resuming the ongoing decline would mean sharply lower lows. And it would probably begin aggressively by gapping down. 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 2063.75 2057.75 ...would target  2069.00  2063.25 Bias-down: under  2056.50  2049.75 ...would target  2050.75  2044.75 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED 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.