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 quad-witch expiration gapped up to probe and trigger the 3012.75 bias-up signal. But the open lacked upside momentum, making pullback likely to 3009.00, which was then tested down to 3008.00 before noon. An attempt to resume the overnight rally and fulfill the morning's 3019.00 "unfinished business" was attacking 3014.00 when it was derailed by a China trade headline that triggered a plunge to 2985.25. Trending back up through the bias environment exit reached 3003.25 where the final hour slid through the close down to 2988.25. Overnight action's new info... (nearby chart is last intraday session and Globex) Sunday night's open was greeted by dueling influences. It had been reported Saturday that Friday's China trade headline was misinterpreted, so the trade talks were still in process. Then the Saudis reported Sunday that their oil facility repairs may take up to eight months. The open gapped up to pierce Friday afternoon's 3003.25 high, and soon extended to 3008.25 within 3 ticks of Friday afternoon's 3009.00 sell signal. Slowly drifting lower through midnight, from the bias-up target's resistance to the bias-up signal's support, bounced to 3005.50 into Europe's opens. This promptly collapsed to 2982.00, retesting Friday's low. Its reaction is now attacking 2992.00. If, then... (notes to accompany the Tour recording) The 2996.50-3005.00 range's lower-end wasn't broken in time Friday to ensure extending lower this morning. Breaking lower last night doesn't ensure extending lower. But momentum is likely to remain down without at least recovering into the 2996.50-3005.00 range, if not opening within it. Not also recovering the range's 3005.00 upper-end would be vulnerable to probing under Wednesday's low down to 2975.00. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2994.50 would be unlikely to trigger the 2987.75 bias-down signal at 10:15. Exiting the open under 2984.00 would be likely to trigger bias-down.

No sponsorship attracted to the overnight slide. The 2982.00 overnight low had bounced 10 points. The 2986.25 open was still 2-3 points under Friday's close, and a little deeper attacked the overnight low down to 2983.50. All under the 2987.75 bias-down signal. The grace period was invoked during the reaction to an FOMC headline. It was retraced enough back above the bias-down signal in-time to trigger "late no-bias." So, an offsetting test of the 3000.50 bias-up signal is in-play, but upside momentum is lacking. Which may sound vaguely similar to Friday morning. Its bias-up signal had triggered, and its bias-up target was put in-play -- but no momentum through the open had made a deeper pullback likely first. A deeper pullback this morning isn't the likeliest resolution, but under 2986.50 would start to signal a probe under the 2982.00 overnight low, if not deeper. Meanwhile, back above 2991.50 should confirm the bias-up signal's test is underway.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2998.00 2999.75 ...would target 2995.75 3007.50 Bias-down: under 2986.25 2988.00 ...would target 2978.25 2980.00 Signal status: NO-BIAS . 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.

The best laid plans,  etc. The backup chaRTroom should be available within several minutes of receiving this email alert. My updates and annotations may be another hour away. Thank you sincerely for your patience!

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2998.00 2999.75 ...would target 3005.00 3006.75 Bias-down: under 2990.00 2991.75 ...would target 2985.00 2986.75 Signal status: BIAS-UP, BIAS-UP TARGET MET . 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.

My planned noon hour outage became an afternoon affair. We were able to establish charts, but not much live analysis beyond noting that the morning's 3000.50 unfinished business was neutralized. The choppy open had held a test of the 2987.75 bias-down signal to trigger late no-bias. The balance of the session worked higher to its objective, then collapsed to 2992.75. It was too late to be strong-handed sponsorship. In fact, post-close price action has recovered 3000.50, and higher to 3012.25. Like Monday, rallying Tuesday requires the open essentially gap up above 3005.00 and extend. Like Monday, overnight action is positioned to gap up enough Tuesday. So, the question is whether Tuesday will be greeted by a gap up to resume the rally, or another reaction that targets 2975.00. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.