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

NEW 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... Holding a test of Friday morning's 2337.75 bias-down signal had put into play an offsetting test of its 2348.25 bias-up signal. That context aided the bullish WedEX's afternoon influence. The morning's consolidation broke higher during the afternoon bias environment, into a last-minute touch of 2348.25. The new high close didn't qualify as a new trend high close despite being above Wednesday's trend high close, since Friday's high was under Wednesday's high -- Wednesday's high wasn't even breached until after coming to within 3 minutes of the cash session close. Overnight action's new info... Sunday night's modest gap down dipped to 2346.00 before starting to recover, extending to attack Wednesday's highs up to 2350.50. Then a midnight surge attacked 2355.00, and a brief consolidation resolved in another surge attacking 2357.00. Retracing the entire surge back down to its 2349.50 origin Monday morning has since ranged sideways to attack 2355.00 again, and now again ahead of today's open. If, then... After influential Friday afternoon, the actively bullish WedEX signal seems to have been influential Monday morning. But the real influence is on US price action, which has yet to resume. The "new Globex trend extreme" adds an attraction above, in addition to pre-existing pattern measurements next targeting 2365.00-2366.00. This morning should be focused on the upside, unless the open is already rejecting Friday's last-minute surge. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2356.25 would be likely also to trigger the 2355.00 bias-up signal at 10:15. Exiting the open under 2350.25 would be unlikely to trigger bias-up.

Open's surge renews bias-up. Last Wednesday's close had triggered a bullish WedEX signal. Its influence Friday afternoon has extended into the next US morning. As it should, regardless of the Globex action since Friday.

Gapping up to 2353.00 has extended single-mindedly, if not also relentlessly. The first relevant hesitation was well above last week's highs attacking 2360.00. Persistently overbought 3-minute RSI indicated that 1-minute RSI diverging negatively would likely resolve up.

In fact, the 2361.00 bias-up target was exceeded through 10:15 up to 2363.50. This renews the bias-up signal, next targeting 2365.00-2366.00.

The bullish WedEX's influences lapses along with the bias environment at 11:30. Extending higher any later or for any longer would not be associated with WedEX. All upside attractions will have been neutralized, including the very recently created "new Globex trend extreme." The renewed bias-up signal and its target are not requirements.

i.e. Nothing requires extending higher this afternoon, or prevents reversing course back down.

Regardless, new highs are not a sell signal. And trend extremes don't happen into and/or out of expiration. Overbought RSIs at the 2263.50 high would require its eventual recovery in case a corrective pullback were to develop first.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2365.00 2363.00 ...would target  2370.50  2368.75 Bias-down: under  2356.00  2354.25 ...would target  2349.50  2347.50 Signal status: NO-BIAS 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.

REMINDER: MARKET WRAP BEGINS AT 3:33pm ET. Persistently overbought 3-minute RSI kept alive this morning's rally. It ultimately came within 1 tick of the 2365.00-2366.00  renewed bias-up target. Close enough for hand shoes and horse grenades. But a loose end, if left outstanding. The high doesn't require being retested. The 3-minute RSI's persistence had already broken, dipping momentarily out of overbought territory. And its 1-minute RSI was at best on the cusp of being overbought. But the burden of proof is on sellers, because the open's rally wasn't rejected through two timing windows -- a downdraft could still  recover.

In fact, there was a downdraft. It hasn't extended, nor has it recovered. The highs formed a head & shoulders that triggered a sell signal under 2360.25, and met its minimum 2357.25 target down to 2356.00. A relatively narrow 2-point range between 2358.00-2360.00 defined the noon hour.

Breaking higher would set-up an important test of the morning's high. Closing above it could turn this rally's slope exponential. More exponential. Breaking back under "lower prior highs" would trigger a steep and deep drop, albeit only temporarily.

Tuesday's open was greeted by largely bullish holiday price action that launched a gap up 2 points above last Wednesday's high to 2353.00. Assisting the trend was a bullish WedEX that had been influential Friday afternoon. Extending sharply higher renewed the 2355.00 bias-up signal through its 2361.00 bias-up target, putting into play 2365.00-2366.00. Which was attacked to within 1 tick. RSIs were no longer simultaneously overbought when the morning's peak was reversed 9 points down to 2355.75. Firming through the afternoon bias environment then rallied through the close to pierce the morning's high by 1 tick. The 2365.00-2366.00 target was barely touched, but it was touched. And apparently, the target was also neutralized. RSIs had diverged negatively at the late high, facilitating a last-minute dip down to 2363.50 at the cash session close. Futures extended lower to attack 2358.00. Not at all shallow, but still too little and too late to be predictive of a resolution. Nevertheless, it is certainly reflective of the atmosphere up here. And a reminder that there is no "unfinished business above" to inhibit reversing down. 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  2368.00 2366.00 ...would target  2374.00 2372.25 Bias-down: under  2358.50 2356.75 ...would target 2353.75  2351.75 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL 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.