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) Sunday night's initial dip to 3011.00 was reversed up to Friday's 3018.00 high, and through it to new highs at 3023.50. That was reversed down to Friday's 3018.00 high, but not before forming complexity that qualified the overnight high as a "new Globex trend extreme." It requires intraday retest, as does Monday's 3021.50 gap up above all prior highs. None of which mattered post-open, which collapsed back under Friday's 3018.00 high on the way to 3012.50, while putting into play an objective at 3009.75. It became "unfinished business" as the balance of the session ranged back up to 3018.00. Overnight action's new info... (nearby chart is last session and Globex) Monday afternoon's recovery back up to 3018.00 soon extended overnight up to 3020.50. The extension was retraced entirely, and then recovered entirely, all before midnight. An identical swing into and out of Europe's open continued a choppy sideways range. Its lower-end is now being tested down to 3016.00. If, then... (notes to accompany the Tour recording) We'll be monitoring for a breakout. Sideways overnight ranges that try to start trending within 1-2 hours of the open are usually retraced to their breakout point. That retracement can then resume the original breakout, or reverse it more substantially in the opposite direction. Meanwhile, unfinished business below at 3009.75 is competing with three separate upside attractions at 3021.50, 3023.50 and a new high close. Add those to the second consecutive close above 2997.75 that confirms 3033.00 and potentially 3066.00 are in-play. Extending any lower first would target tests of 3004.00 or 2997.75 while still being likely to resume the rally. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 3018.00 would be unlikely to trigger the 3021.50 bias-up signal at 10:15.

Narrow overnight range makes two false breaks. Two touches of 3020.50 defined the overnight range's upper-end. Surging 90 minutes before the open probed a fresh high attacking 3022.00, and piercing the bias-up signal by 2 ticks. Just as quickly, the surge was retraced back into the range and to its 3016.50 lower-end.

The surge could have extended further, but it wasn't likely to resolve any differently. Breaking out too close to the open, from a sideways narrow overnight range, is often false.

Reversing to the range's lower-end broke lower at the open to 3014.00. This breakout was also retraced back into the range, albeit not back to its upper-end. Inflection points at 3015.50-3018.50 that defined yesterday afternoon's ranging are also defining this morning's ranging. No reinforcements have arrived in either direction, resulting in more sideways ranging. Overlapping the open's 3016.75 print during three more of the first hour's five 15-minute checkpoints hasn't helped, forming a "dry cleaners morning" setup that is often better spent running errands. Nothing requires this range to resolve today, but hovering here is still in the orbit of "unfinished business" below at 3009.75, with potential to extend lower.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3012.75 3016.50 ...would target 3017.75 3021.50 Bias-down: under 3005.75 3009.75 ...would target 2998.00 3002.00 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL . 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.

Downside target(s) met. Yesterday afternoon's narrow range had persisted essentially overnight and certainly this morning. Its 3015.50 support had been probed repeatedly throughout, bouncing intermittently to test 3018.50. Breaking under 3015.50 as the bias environment began lapsing was had no excuse not to extend down, which it did in reaction to a negative China trade headline. The noon hour's entry was fulfilling the 3009.75 "unfinished business" and the noon hour's low came within 2-3 ticks of the 3004.00 potential objective. Bouncing through the noon hour's exit recovered the afternoon's 3009.75 bias-down signal up to 3013.00, which it did in reaction to a favorable Fed rate headline. Extending the recovery through the bias environment's exit, preferably above 3018.00, would be credible for resuming the rally to new highs. Back under 3009.75 would start to suggest 2997.75 could be tested.

Tuesday started as Monday had ended, ranging relatively narrowly 3114.00-3118.50. A similar, slightly higher range had developed overnight, forming a setup that warned against trusting breakout attempts that are delayed until within 1-2 hours of the open. This proved helpful 90 minutes before the  open and at the open. Narrow ranges aren't necessarily without predictive value. Having left "unfinished business" below Monday at 3009.75, and not rallying Tuesday morning, the objective's attraction was alive and well. And the delay had increased the likelihood for its test to include the next lower attraction at 3004.00. Both were met, the latter to within 3 ticks which qualifies. Was selling pressure satisfied? A 9-point bounce did quickly develop. But only a 9-point bounce, so only an attack on the previous range's 3114.00 lower-end. And the entire bounce was retraced back to its 3004.50 origin. An objective's delay is often compensated by testing the next two attractions. This would still target 2997.75. Abandoning the downside requires breaking free from the lower objective's orbit. Having trended down into Tuesday's close, gapping up above the afternoon's 3013.50 high could form a "session-long rally." We'll discuss the setup's other requirements if it is developing pre-open, but its attractions are recent highs and higher. 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 3007.25 3011.00 ...would target 3015.00 3018.75 Bias-down: under 2999.25 3003.25 ...would target 2993.75 2997.75 Signal status: LATE BIAS-DOWN . 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.