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... Thursday evening's Mexico tariff news triggered a knee-jerk reaction that collapsed 27 points 2790.00, and extended overnight to test 2754.00. Friday's open briefly dipped to 2751.00 before reacting up sharply through the morning to attack 2770.00. The balance of the session gradually retraced the open's low back down to 2750.00. It was the first session in six that delayed the intraday selling spree until the afternoon. But the selling pressure remained influential nevertheless, in-line with the prior five distributive sessions, and the decline remained highly vulnerable to extending down sharply Monday. Overnight action's new info... Sunday night's open gapped down 11 points to 2741.00 and quickly slid to attack 2732.00. Flat-to-higher ranging greeted Europe's opens testing and retesting 2743.00, which is this morning's bias-down target. Its resistance, combined with RSIs diverged negatively, launched another downleg to attack 2731.00. Its fresh low was quickly reversed by a rally back above the open to 2746.50. Now 2743.00 is trying to hold as support. If, then... (notes to accompany the Tour recording) Apart from being the sixth consecutive distributive session, Friday was also the fourth consecutive session to close within the open's post-gap range. In other words, a lot of opinion has been expressed intraday, but none of it gaining traction. This being Monday and the furthest point from the weekend, intraday trending attempts becomes more likely because the risk is more manageable. That doesn't necessarily mean intraday trending will be relentless, only that it can be very productive before becoming vulnerable to reversing -- and then being vulnerable to reversing even more substantially in the opposite direction. Meanwhile, the next lower objective at 2725.25-2727.75 is only 5 points under the overnight low, and its obligatory support would make it a candidate for launching a recovery. Otherwise, look out below if the objective doesn't hold. Similarly, bouncing first this morning would be vulnerable to reversing back down entirely from testing Friday's range. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2740.75 would be likely also to exceed the 2743.00 bias-down target at 10:15 to renew the bias-down signal. Exiting the open under 2746.25 would be likely at least to trigger the 2749.50 bias-down signal at 10:15.

But, wait, there's more! This morning's Market Tour had noted the primary template is calling for wide-ranging choppiness, trending substantially in opposite directions. Even with that advance insight, I really had no idea. Just recovering the 2731.25 overnight low to greet the open unchanged at Friday morning's 2751.00 low was already substantial. Add to that 20 point rally the 9-point post-open surge attacking 2760.00, before the opening 15 minutes of volatility had elapsed. But then the next 15 minutes reversed down 22 points to 2737.00.

And then reverse it 27 points to attack 2764.00, now 32-33 points off the overnight lows. Not much past the first hour.

Meanwhile, the bias-up signal's resistance produced a drop back under the bias-down target. Its reaction still invoked the bias-down signal's grace period, which lapsed back at the bias-up signal. Volatile enough? This qualifies as a noN-bias signal. The window need not be defined by its bias signal, or extend to a bias target. The bias parameters are still influential levels, and exiting the bias environment above its 2766.00 bias-up target would be bullish. Back under 2759.25 would start to signal another attack on Friday's lows underway. Its break would target 2737.50, and then 2725.25-2727.75 -- which could have been tested already to form a near-term bottom, but remains outstanding.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2754.25 2754.25 ...would target 2761.75 2761.75 Bias-down: under 2746.00 2746.25 ...would target 2739.75 2740.00 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . 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.

Wide-ranging choppiness intact. This morning's recovery to attack 2764.00 was reversed back under 2757.50, initially targeting 2737.50. No problem, trending down into the noon hour and halfway through it. Under 2735.50 would have signaled the next lower objective in play, but 2735.50 held its test. The afternoon's 2749.25 bias-down signal triggered, despite behaving like a bounce was forming. In fact, a Fed speaker's dovish comments triggered a 14-point surge to attack 2757.00. That's well above the bias-down signal, but it was all retraced in time to avoid being invalidated. Its reward has extended back to 2735.00. The next lower objective in play would be 2725.25-2727.75, but 2735.50 is still being tested as support. Extending any lower today is not assured. But the wide-ranging choppiness seems very much intact, and the bias-down environment remains in force, so fresh lows should be obvious soon if at all.

Three consecutive sessions had closed within the post-gap opening range, qualifying a template that was likely to range widely intraday in alternating directions. That was already fulfilled during Monday's first hour, which had extended an overnight recovery, then reversed it back into negative territory, then recovered again to fresh post-open highs. The balance of the morning trended back down as sharply as the last recovery, and deeper through the noon hour. Spiking up in reaction to a Fed speaker was retraced entirely back into negative territory. Monday's close is not within the open's range. Anyway, the open didn't gap down. But Sunday night gapped down, and Monday's close was within its range until a late surge to 2747.50, so we'll be on watch for a similar wide-ranging session Tuesday. I'm still expecting further lows. The most recent indication is the failed morning and noon hour lows not being exploited by a recovery. In fact, the final hour produced even lower lows down to 2728.75. Separately, there is an attraction in-play at 2725.25-2727.75. Its test could launch a recovery, or else mark the beginning of the next downleg to 2581.00. Trending down into Monday's close makes a gap up above Monday afternoon's 2757.00 high so bullish it would form a "session-long rally" setup. Any test of 2725.25-2727.75 would be vulnerable to reacting up sharply. In either case, the trend otherwise remains 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 2749.50 2749.50 ...would target 2757.50 2757.50 Bias-down: under 2738.75 2739.00 ...would target 2731.25 2731.50 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . 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.