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

Enter the Chartroom here
(pre-open Market Tour begins at 8:55 ET)

Through the prior close...
Friday morning''s no-bias almost guaranteed signaling no-bias that afternoon. And signaling no-bias that afternoon almost guaranteed ranging narrowly through the close. Which is how the session did play out, but for a couple of minor blips up to the morning''s 2054.75 high around Yellen''s pre-close speech.

Overnight action''s new info...
Like Friday afternoon, Sunday night''s opening blip-up was retraced back into the range. But its dip to 2047.25 reversed back up to fresh highs at 2061.50 before consolidating. Eventually surging to 2069.00 on China rate-cut rumors has been retraced to 2061.00.

If, then...
Friday''s session should be treated as a non-event. And since Thursday afternoon''s buyers and sellers both failed to gain traction for their efforts, gapping open is the only reliable path to trending this morning. Gapping beyond the range of Friday''s inside day won''t be enough -- the gap must exceed Thursday''s extremes. That''s especially important if Thursday''s extreme is touched during the open. So, maintaining a gap up above Thursday''s 2058.75 high would be likely to trend in that direction (possibly forming a session-long rally setup), but not maintaining the gap above Thursday''s high could suddenly become bearish.

First Trade...
Exiting the open at 9:45 above 2058.75 would be likely to trigger the 2057.00 bias-up signal at 10:15. Exiting the open above 2067.00 would be likely to exceed the 2064.75 bias-up target at 10:15 to renew the bias-up signal.

Opening surge offers little opportunity to latch-on.

The only way to get through 2069.00 this morning -- if not also through 2067.00 -- was by surging immediately. And that is the most difficult setup to trade, surging at Monday''s open.

But the open''s surge from its 2065.00 open did start forming a Running Correction. Surging into and out of a  running correction has a very reliable resolution. Surging just a little would be reliable for surging a lot.

If fact, the surge extended to 2075.50. Price action since then has ranged choppily sideways back down to 2070.50.

Forming a plateau is the fourth stage of the pattern, the first three stages being defined as surging into and out of a Running Correction. Probing fresh highs at this stage would essentially marginalize sellers for the day. 

Extending down first would target 2067.50. A deeper drop to 2065.00 or 2061.00 would be possible, but not likely with overbought RSIs at the high needing a retest.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2085.50
2077.50
...would target 2090.00
2082.25
Bias-down: under 2074.50
2066.75
...would target 2068.75
2060.75
Signal status: BIAS-UP 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.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today''s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Monday''s gap down to 1.0855 ranged narrowly under it, vulnerable to extending back down to 1.0650.

Gold Jun Contract (GC, ETF: (GLD))
Friday''s reaction down had stopped optimistically short of its potential. Sunday night''s drop compensated for the delay by sliding sharply to 1182.20. Closing back above 1194.00 would signal a pullback had ended, with potential to retest last week''s 1220.40 overnight high. Otherwise, the next lower pullback objective would be the 1171.00 area.

Silver May Contract (SI, ETF: (SLV))
Gapping down Monday launched the expected pullback targeting 16.45-16.60. The target range''s upper-end was attacked to within pennies.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday''s late probe above 164-04 was rejected by gapping down Monday. Filling the gap back to Friday''s close then reversed down to 163-08, which was the original bounce limit exceeded at Friday''s open. Its obligatory support should also break lower on the way to 161-12 and potentially also to 160-02.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending lower Sunday night probed under the 48.75 pullback limit that had contained Friday''s drop. Back above 49.35-49.55 could be credible for launching another upleg, which would target a retest of last week''s 51.75-52.50 highs.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday''s shallow bounce had tried to avoid fulfilling the confirmed breakout''s requirement for an eventual third lower close, probably targeting 2.60 and potentially 2.53.

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2090.25
2082.25
...would target 2096.00
2088.75
Bias-down: under 2078.25
2070.50
...would target 2072.00
2064.00
Signal status: BIAS-DOWN INVALIDATED 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.