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 gapped down in reaction to a weekend China trade headline, but neither extended down nor recovered. Overnight action simply ranged sideways between 2935.00-2942.50, holding both bias-down parameters through the 10:15 bias timing window. Only then did a recovery develop, probing Friday's 2950.75 close up to 2955.00 by noon. Another China trade headline coming out of the noon hour triggered a surge to higher highs at 2959.50. The balance of the session trended back down to the 2935.00 overnight and morning lows. Overnight action's new info... (nearby chart is last intraday session and Globex) The Globex open initially blipped-down to test 2934.00 and immediately began reversing up to attack 2950.00 by midnight. Ranging sideways back down to 2944.00 broke lower into Europe's opens -- sharply lower, probing the initial low. And its consolidation broke sharply lower to 2918.50, which is Friday's opening gap up, and essentially its low. A blip-down to 2910.25 quickly reacted back up above 2918.50. If, then... (notes to accompany the Tour recording) Potential for briefly testing "higher prior lows" up to 2957.00-2963.00 was fulfilled Monday. And if that resistance was influential, then the correction from Thursday's low could end. Already resolving down into or out of Tuesday's open would be credible for extending, and the pattern is already resolving down, but could still respond to natural support at Friday's opening print. Even if its eventual break were only a formality, a corrective bounce up to yesterday's "higher prior lows" at 2935.00 is possible first. I'll give a benefit of the doubt to continuing the overnight drop, which still needs confirmation through the open. Breaking under the gap-to-gap support at 2913.50-2915.00 would next target 2905.00-2908.00. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 under 2925.25 would be likely also to exceed the 2926.50 bias-down target at 10:15 to renew the bias-down signal. Exiting the open at 9:45 under 2933.00 would be likely at least to trigger the 2934.25 bias-down signal at 10:15.

Extending lower through the open. A blip-down attacking 2910.00 ended the overnight drop, and was quickly retraced back into the 2918.50-2921.50 range that had launched it. But no higher, during the entire two hours before the open.The open quickly resumed the decline to and through the overnight low, down to 2896.50. Having formed a Running Correction along the way down, a trough below it is capable of launching a corrective bounce back into the Wedge at 2907.25. Having delayed a corrective bounce to continue troughing, a bounce could be much bigger than the Wedge, up to 2916.50 or higher. A bounce is now probing 2907.25. No backing-and-filling should be necessary before extending higher if that's the bounce's intent. Back under 2900.50 would make a bigger bounce to 2916.50 unlikely. Regardless, consolidating at the post-open low through the first hour has created an anchor that should attract any bounce back down. Resuming the decline would next target 2862.00-2866.00.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2908.75 2907.50 ...would target 2916.00 2914.75 Bias-down: under 2897.50 2896.50 ...would target 2889.75 2888.75 Signal status: BIAS-UP, BIAS-UP 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.

Bigger bounce unfolding? The troughing at this morning's 2897.00-2904.00 lows finally did retest the Running Correction / Falling Wedge that had developed on the way down. Its 2907.25 objective was probed up to the wedge's 2910.00 high. Its reaction produced fresh lows down to 2895.00. Fresh highs during the noon hour probed the next higher attraction at the 2916.25 open by 1 point. Its reaction held the 2907.50 bias-up signal as support, which triggered. Its 2914.75 bias-up target is now being tested. Last night's decline doesn't require resuming today. The chart is damaged, and sellers could rest on those laurels. A bigger bounce could test 2924.50-2927.00. Resuming the decline anyway might not find much support under this morning's lows, with the next significant objective being 2962.00-2966.00.

Ultimately trending down overnight from 2950.00, Tuesday's 2916.25 open trended down to 2896.50 and 2894.75. All helping to confirm that Monday's test of 2957.00-2963.00 "higher prior lows" did define the correction's peak from Thursday's 2855.00 low. The intraday bounce finally peaked at the 2924.50 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap fill back to Monday's close. Aided by a China trade headline, its reversal eventually probed fresh lows through the close down to 2890.50. Just breaking under 2898.00 before coming to within 3 minutes of the cash session close would have been a compelling hold-short. But already sliding relentlessly may have borrowed too much pessimism from the hold-short reserve. Still, closing under the morning's low is not bullish. The decline isn't required to extend lower without delay, or to any particular level. But so long as bounces now hold 2917.00, the next lower objective is the 2966.00 area. Under 2962.00 would be vulnerable to becoming very aggressive.. 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 2900.75 2899.00 ...would target 2907.75 2906.50 Bias-down: under 2889.00 2888.00 ...would target 2882.00 2881.00 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.