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... Sunday night's initial bounce had retraced the 2876.50 origin of Friday's late headline reaction. The balance of the night collapsed to 2836.00, which the post-open bounce's quick failure retested down to 2833.00. Reacting up quickly through the balance of the open attacked 2856.00, and gradually retraced entirely into the last hour's 2832.50 low. The close bounced up to 2844.00, leaving no "unfinished business" below. Overnight action's new info... Overnight action is trying to reject yesterday's sellers having finally rejected Thursday morning's rally. Monday's late bounce had stalled at the 3:37 position-squaring window. It resumed immediately at the Globex open, attacking the intraday high to within 3 ticks at 2855.00. Flat-to-lower ranging into Europe's opens collapsed down to 2846.25. But only momentarily as its reaction has developed to probe fresh highs to 2863.00. If, then... (notes to accompany the Tour recording) Rallying this morning would have been credible for retesting yesterday morning's 2855.50 high. Actually recovering through a relevant timing window would be likelier to reverse the reversal of Thursday morning's rally. And now yesterday morning's high is being probed, but testing the relevant 2860.00 level, whose test would be more predictive than yesterday's high. A reversal could be attracted up to the overbought RSIs outstanding from Friday morning's 2888.00 high. Otherwise, sellers would still get every benefit of the doubt by exiting the open under 2855.00, targeting 2828.00 down to 2825.25. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2856.50 would be likely also to exceed the 2853.75 bias-up signal at 10:15 to renew the bias-up signal, next targeting 2860.75. Exiting the open above 2851.25 would be likely at least to trigger the 2846.75 bias-up signal at 10:15.

But post-open action is treading water. This morning's 2853.75 bias-up target was never touched post-open. It hasn't been touched for hours. Pre-open sideways ranging up to 2863.00 held above 2856.00. Post-open sideways ranging has been even narrower. Nevertheless, exceeding the bias-up target through 10:15 has signaled bias-up. Its renewed bias-up target at 2860.75 was met, and held. Meanwhile, four of the first hour's five 15-minute checkpoints have overlapped the same relevant level, the 2859.50 opening print. This setup suggests a Dry Cleaner's morning, i.e. perhaps more productive to run errands while the window chops around erratically. Trending might be attempted, but probably not substantial, and probably retraced entirely. Trying to trend down could visit 2855.00 or 2850.75, while still being likely to recover the opening range. The door would remain open to an afternoon rally, still having potential to 2888.00. Trying first to rally above 2862.75 would have potential to 2867.50-2869.50 before failing.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2864.75 2866.00 ...would target 2871.25 2872.50 Bias-down: under 2856.00 2857.50 ...would target 2849.25 2850.75 Signal status: noN-BIAS, TESTED 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.

Hovering above overnight highs. The first hour's 2856.50-2862.00 congestion had formed a Dry Cleaner's morning setup, which is often characterized by choppy unpredictability. It doesn't prevent a trending attempt, but a trending attempt would be doomed to failure... i.e. retracing back into the open's congestion.

This morning did the latter. Potential to 2867.50-2869.50 was probed momentarily by 5 ticks. Reversing back down into the open's range to 2860.00 fulfilled the setup.

This afternoon's 2866.00 bias-up signal didn't trigger, even after the grace period, despite being probed by 6 ticks. This afternoon is noN-bias -- the bias-up target isn't in-play, and the bias-up signal isn't required to define the window's upper-end. noN-bias environment's don't often trend, so extending higher might be delayed until the bias environment lapses. And extending higher remains the likelier resolution, unless 2863.00 is breaking lower through the bias environment exit.

Monday's open under 2850.50 had finally done what Thursday's close and Friday's open did not. That was to reject Thursday morning's rally. But invalidating an uptrend doesn't necessarily default to being a downtrend. Until then, another uptrend can be signaled. Which Tuesday's open did, by trending up overnight to and through Monday's 2855.00 post-open high. The open's congestion around 2860.00 made it difficult to extend higher, by attracting a rally attempt back down. Tuesday afternoon's recovery stopped pessimistically short of touching the morning's high. So, gapping back down under its 2856.50 post-open low would signal the trend reversing down. And like Tuesday's higher open that signaled the trend reversing up, gapping down would still require a second consecutive lower close to confirm the trend reversal. Speaking of which, a second consecutive higher close Wednesday would confirm the trend has reversed up. 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 2871.00 2872.25 ...would target 2877.75 2879.00 Bias-down: under 2859.50 2861.00 ...would target 2853.00 2854.50 Signal status: noN-BIAS, TESTED BOTH BIAS-DOWN PARAMETERS . 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.