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 **This is NOT the direct chaRTroom link

Through the prior close... (summary of last Market Wrap) Friday's expiration session was unusually preceded by the initial overnight collapse to 3544.00, and its complete recovery back up to 3583.00. Intraday action was otherwise usual for expiration, as volatility evaporated into a narrowing range. The morning's 3558.00 bias-down target was left outstanding, until the usual expiration final hour volatility suddenly collapsed to 3556.00. Its 15-point reaction collapsed again -- really collapsed -- to 3543.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Friday's post-close 9-point extension was assumed to be only expiration mechanics, which is now confirmed by rejecting it immediately. Sunday night's open around 3546.00 extended higher without delay to quickly test the 3566.00 bias-up signal. Narrow ranging through midnight formed an Ascending Triangle that had broken higher to the 3577.00 bias-up signal just before Europe's opens. Fluctuating around it widely got up to 3580.00. If, then... (notes to accompany the Tour recording) Rallying however sharply back up to Friday's highs does not invalidate this morning's bearish WedEX. The setup's influence applies only to post-open price action. Recovering all of Friday's 3574.00-3578.50 highs through the open would start giving the recovery a benefit of a doubt. By the same token, exiting the open back under 3574.00-3578.50 after testing some or all of its range would more likely establish the morning's high. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3570.50 would be likely to trigger the 3566.00 bias-up signal. Exiting the open under 3562.50 would be unlikely to trigger bias-up.

Borderline invalidation. Eventually surging up to 3588.00 didn't prevent collapsing to 3559.00 by 10:30. That's back under the 3566.00 bias-up signal, which otherwise had triggered cleanly. This invalidates the bias-up, and its retest of the 3577.00 bias-up target. But a bounce was attacking 3566.00 to within 1 tick at 10:30. While bias-up is officially invalidated, now extending the bounce up to 3570.00 may not be only noise. If this excess bounce is only noise, then back under 3565.00 should reinstate this morning's decline. A bearish WedEX setup can still be influential. Also, the Opening Thrusts setup formed a reversal, too. The 3561.00 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} gap-to-gap retracement was only probed before bouncing back above the 3565.50 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6}, so any lower would target filling the gap back down to 3553.50. Alternatively, the open;s 5-point Reversal setup has produced more than its minimum objective of 3575.50, so recovering any higher would start to signal that sellers are done. Until then, sellers are likely in control.

MON P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3565.50 signal would target 3573.00. BIAS-DOWN: under 3550.50 signal would target 3541.50. NO-BIAS: between both signals. MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3568.75 3565.50 ...would target 3576.25 3573.00 Bias-down: under 3553.50 3550.50 ...would target 3544.50 3541.50 Signal status: BIAS-UP . BIAS VIDEOS... INTRO // EXAMPLE

Narrowly avoided invalidation. This morning's 5-Stage Reversal was extended through its minimum objective thanks to the bearish WedEX influence. Its likely objective when gapping up is to fill the gap back to Friday's 3553.50 close, which was probed down to 3549.00. And the market has only bounced since bias environment exit, triggering this afternoon's 3565.50 bias-up. Its 3573.00 bias-up target is in-play. Maybe more. During the pre-open Market Tour I noted the setup's objective and their timing requirements suggested that this morning's dip could be followed by rallying back through this morning's highs. This path will only become more likely if the bias environment were exited above its bias-up target. Meanwhile, oversold RSIs were relatively higher oversolds at this morning's low, which facilitated the bounce since then. Their retest can be left outstanding, but back under 3561.00 would start to signal their retest underway. P.S. Today is International Fibonacci Day, because the sequence's first 4 numbers are 1,1,2,3. But today's date of 11/23 is almost purely American. Go figure. Anyway, in celebration, here are a couple of interesting Fibonacci images which I think Leonardo di Pisa would have enjoyed:

Rallying overnight from Friday's last minute 3543.00 low tested Friday's 3574.00-3578.50 highs. China trade headlines triggered a pre-open dip that was quickly reversed through Monday's open back up to 3588.00. The bearish WedEX influence took over from there, sending the bias environment down to 3549.00. Rallying sharply from there entered the final hour up to 3584.50 before ranging choppily sideways through the close. It was already anticipated before Monday's open that an afternoon rally was likely if the gap back to Friday's close were filled. The rally's objective for retesting the morning's high only retraced 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of the high bar's 9-point surge. Any higher high is likely to resume the recovery, next targeting 3590.00-3592.00. Afternoon buyers didn't gain traction for their efforts, so rallying Tuesday would likely begin by gapping up. Otherwise, simultaneously oversold 1-minute and 3-minute RSIs were left outstanding at the morning's low. Its eventual retest is required. And the close is still within the orbit of Monday's lows, since for all of its wide swings, the session only briefly probed either end of Friday's intraday range. 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 [NOT the direct link].

TUE A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3586.50 signal would target 3597.50. BIAS-DOWN: under 3566.75 signal would target 3558.00. NO-BIAS: between both signals. TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3589.50 3586.50 ...would target 3600.50 3597.50 Bias-down: under 3569.75 3566.75 ...would target 3561.00 3558.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE