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... Friday's 2294.00 open was flat with Thursday's close, and with Thursday's open, and with Wednesday's close. Post-open action quickly slid and extended through the morning to attack 2277.00. The balance of the session ranged narrowly sideways into the close. Any attraction to retesting Wednesday night's "new Globex trend extreme" at 2299.50 was well hidden, although sellers were influential only during the morning. Overnight action's new info... Sunday night's open gapped down 7 points and soon extended 1 more to touch what is already this morning's 2281.00 bias-down target. Europe's opens triggered a surge to attack 2286.00, but only briefly before price settled back down to attack the 2282.00 open. If, then... Resuming the rally already this morning had required gapping up this morning, which seems quite off the table. Resuming the rally Thursday or Friday had depended on their opening or intraday weakness stretching the rubber band tightly enough to snap back up. That tactic seems to be back on the table. Having tested the bias-down target overnight, holding a test of the bias-down signal should be tight enough. Otherwise, there is room down to 2275.00-2277.00 before the next deep enough stretch. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2277.00 would be likely also not to recover the 2281.00 bias-down target by 10:15, which would renew the bias-down signal. Exiting the open above 2283.25 would be likely to hold the bias-down target.

Still haven't found strong-handed buyers. Gapping down had suggested the rally would be seeking out buyers at lower levels, still trying to stretch the rubber band enough to snap momentum back up. "Lower prior highs" at 2275.00 had been the likely objective after Thursday and Friday's dips to 2292.00 and 2287.00 had proved too shallow. 2275.00 was too shallow, too. A fresh low just printed 2263.25. Like the lows that preceded it, its 1-minute and 3-minute RSIs were oversold. And that requires at least an eventual retest of the low. Currently bouncing to 2266.00, another point higher would start to suggest a bigger bounce underway. It's too soon to suspect it of gaining traction, or of avoiding a retest of the oversold RSIs low. A low will need to form relatively soon, and relatively nearby, because the only other support below is prior lows, and that's not very durable.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2280.25 2275.75 ...would target 2285.50  2281.00 Bias-down: under  2270.50  2266.00 ...would target 2264.75  2260.25 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. This morning's drop ultimately touched 2263.25. This allowed room for a corrective bounce up to 2271.00, which was touched before noon. It has yet to be exceeded, which would essentially target 2278.00. And there is no requirement to bounce any higher. The only requirement to bouncing higher is to start bouncing today. But sideways ranging through the noon hour has avoided extending higher. And despite this afternoon's no-bias environment having room up to its 2275.75 bias-up signal, its 2266.00 bias-down signal is being attacked. Oversold RSIs at the 2263.25 low require its retest, eventually. That would be the likely objective if 2266.00 were probed during the no-bias environment. It would be an objective if probed after the bias environment begins lapsing, but could also give way to a new downleg that resumes the decline. Meanwhile, back above 2270.50 would start to signal a bigger bounce underway, regardless of the delay.  And delaying the recovery -- even if oversold RSIs were left outstanding -- could still produce new highs.

Monday afternoon's bounce peaked just after the bias environment began lapsing at 2:30 at 2273.00. Rather than extend higher, the 3:10-3:20 proxy window reacted down to 2269.00. It was too late for strong-handed buyers to push price higher, but that didn't prevent rallying, anyway. And not by just a little. Potential to 2275.00 and 2277.00 was fully satisfied at the bounce's peak. Their potential for attracting price higher into rally mode overnight was suddenly inverted. Now, global participants have a chance to sell a bounce after missing Monday morning's sell-off. Oversold RSIs at Monday's 2263.25 low require an eventual retest. That could be much sooner, rather than later, if Tuesday's open isn't already gapping up above higher prior lows at 2287.00-2289.00. Just rallying post-open to higher prior lows would more likely hold their resistance and reverse down substantially 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 2282.50  2278.00 ...would target  2287.75 2283.25 Bias-down: under  2276.00 2271.50 ...would target  2270.50  2266.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET 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.