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

DAILY SCHEDULE Watch the pre-open Tour recording* HERE <<== *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. chaRTroom is now open... Pre-open update is at 9:15 ET

Through the prior close... (summary of last Market Wrap) Two setups from Thursday that suggested Friday would be a pullback day were initially ignored by extending higher overnight up to 3287.00, and forming a "new Globex trend extreme." Reaction to the payrolls report attacked Thursday's 3275.00-3277.00 highs, and Friday's gap up to 3283.50 reacted back down to 3274.75. The morning's recovery triggered bias-up but left outstanding its 3284.75 bias-up target as "unfinished business." Entering the noon hour back under Thursday's highs trended down through the afternoon. A late touch of the 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap retracement from Wednesday's close at 3260.75 produced a last-minute bounce up to 3267.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Relentless overnight trending had recovered all of Friday afternoon's drop, until the past hour's drop retraced 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of the overnight rally. Sunday night's open spiked up to 3271.50, and a brief pullback was recovered to test 3274.00 before midnight. Europe's opens resumed the rally and retraced the rest of Friday afternoon's drop from 3278.00. Consolidating there for an hour suddenly began collapsing by 7 points (circled red on the nearby chart) to attack 3271.00 as support, where Europe's opens were greeted. If, then... (notes to accompany the Tour recording) Another pullback day, or not? Extending Friday's pullback day today was likely if not gapping up sufficiently. The bias-up signal would qualify, and the past hour's 7-point collapse is barely threatening it. Anyway, resuming the rally at some point is required, with "unfinished business" above now at 3284.75 and 3287.00 (not to mention the rally's next higher objective at 3355.00). Recovering to open above Friday afternoon's high could trigger a "session-long rally," although less reliable when it contains a weekend. This late reaction down could still recover to maintain relentless overnight trending, and confirming or rejecting it through the opening 15 minutes would likely trend through the morning. Back under Friday's low could extend to 3245.00-3246.50 or 3237.00. Fluctuating choppily sideways this morning isn't yet likely. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 3279.00 would be likely also to exceed the 3276.00 bias-up target at 10:15 to renew the bias-up signal, next targeting 3283.00-3284.75. Exiting the open at 9:45 above 3273.25 would be likely at least to trigger the 3270.50 bias-up signal at 10:15. Exiting the open under 3268.75 would be unlikely to trigger bias-up.

Pre-open drop voided post-open setup opportunities. 3278.25 overnight high's reaction down to 3271.25 was largely retraced, keeping alive the "session-long rally" and "relentless overnight trending" setups. But not yet forming either before dipping through the open to 3268.00. RSIs diverged positively at 3268.00 and 3-4 minutes later a spike up was testing 3274.50. At least the 3270.50 bias-up signal triggered. Its 3276.00 bias-up target was touched before and after tirggering bias-up. And still being a bias-up environment, fresh post-open highs are credible for extending the recovery into the afternoon. Ranging flat-to-lower remains possible. But this is still a bias-up environment, so its 3270.50 bias-up signal should define the window's low if tested.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3282.25 3282.25 ...would target 3288.00 3288.00 Bias-down: under 3274.75 3274.75 ...would target 3267.50 3267.50 Signal status: noN-BIAS, STILL TESTING BIAS-UP 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.

The highs are holding. This morning's 3276.00 bias-up target didn't require another test, so retesting it would get a benefit of the doubt for extending higher. And its retest did extend to fresh session highs, coming to within 1 tick of Friday morning's outstanding bias objective at 3284.50. Overbought RSIs at the noon hour high don't require a retest. The 3282.25 afternoon bias-up signal has avoided both triggering and holding. This is instead a noN-bias environment. No requirement for the bias-up target, and no requirement to hold the bias-up signal's resistance. The balance of the session is equally capable of ranging choppily, as including a visit to the 3287.00 "unfinished business" still outstanding. Back under 3279.25 would allow a deeper pullback down to 3275.00. A confirmed breakout still awaits an eventual higher close. That and 3287.00 only inhibit a more substantial reversal down, but neithre precludes it. Regardless, the trend remains up until invalidated by a sell signal.

Friday afternoon's buyers had gained no traction, so rallying Monday morning required gapping up sufficiently. The morning's 3276.00 bias-up target was already being probed by relentless overnight trending, threatening a session-long rally. Neither bullish setup formed, but gapping up above the bias-up signal ultimately absorbed a reaction down to 3268.00, reversing to probe Friday morning's highs up to 3284.50. Choppy sideways ranging chipped away at the noon hour's high until Monday's last 15 minutes surged to new highs at 3290.00. All "unfinished business" was neutralized. Friday morning's 3284.75 bias objective, the 3287.00 new Globex trend extreme that had preceded it, and an eventual new trend high close to reward last Wednesday's confirmed breakout. Monday afternoon's 3288.00 bias-up target was being overlapped at the close, although the noN-bias environment never required its test. No unfinished business above remains outstanding, but that's not a sell signal. Nor is it necessarily bearish that Monday's late breakout above prior highs came too late to gain traction. An ongoing rally keeps attracting sponsorship and reinforcements by fulfilling buying pressure. So, if Tuesday morning isn't exploiting the vulnerability to backing-and-filling, then the open is probably already gapping up to extend the rally intraday. See details and other markets coverage in the post-market Wrap recording* here. *Manually open Adobe Connect (install on Windows or Mac), then paste the recording's link there. Monitor overnight Globex trading in the chaRTroom here.

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3292.25 3292.25 ...would target 3299.25 3299.25 Bias-down: under 3282.25 3282.25 ...would target 3276.00 3276.00 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL . 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.