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

CHARTROOM LINK (pre-open Market Tour begins at 8:55 ET)

Through the prior close... Friday's opening 15 minutes of volatility being glued to 2205.50 suggested almost instantly that the holiday-shortened session would likely not be volatile. Trending would be difficult, although the 2204.25 bias-up signal did trigger. But its 2209.50 bias-up target wasn't even attacked until 3 hours of a 6-tick range around 2207.50. A last-minute break higher met 2209.50 on the way to attacking 2212.00 after the close. Overnight action's new info... Weekend headlines had backed away from a unified OPEC. Sunday night's open gapped down to the 2208.00 origin of Friday's last-minute 3-point surge. It extended down to test Friday morning's 2204.75 post-open lows, and bounced back up to 2208.00. Headlines of Italy's bank problems triggered a plunge to 2199.50.testing Tuesday and Wednesday's "lower prior highs." Its reaction up tested 2206.00. If, then... Only the 2220.00 objective created above 2192.00 was "unfinished business above" as of Friday's close. Gapping down today would create new unfinished business above at the gap back up to Friday's 2210.50 cash session close. It's 2211.50 close would likely be filled, too, having developed on a Friday. The overnight drop is currently reacting up back into Friday's range, but not maintaining its recovery -- gapping down back under Tuesday and Wednesday's 2202.25 prior highs -- would isolate Friday's new highs and launch a multi-session reversal down. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2101.50 would be likely to trigger the 2205.50 bias-down signal at 10:15. Exiting the open. Exiting the open above 2207.50 would be unlikely to trigger bias-down.

Post-open action is stuck. The overnight plunge to 2199.50 had recovered pre-open to test 2207.00. The open attacked overnight highs up to 2208.00. Gapping down did not extend lower, so sellers are not strong-handed. Ultimately, the 2205.50 bias-down signal held its test through the 10:30 grace period, putting into play an offsetting test of the 2211.50. That was produced by a favorable knee-jerk reaction to an inflationary econ report. But 2205.50 was quickly retraced. And then some. Now a fre3sh post-o0pen low has touched 2203.00, trying to reverse momentum down. Its objective would be to retest the 2199.50 overnight low. Exiting the bias environment above its 2198.00 bias-down target would make the 2211.50 objective become "unfinished business above." Invalidating the late no-bias is unlikely at this late stage. But it's possible, and would have potential down to 2187.50.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2210.00 2208.00 ...would target  2215.50  2213.50 Bias-down: under  2203.50  2201.50 ...would target 2197.00  2195.00 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL 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.

Still no follow-through to two attempted sell-offs. The overnight drop to 2199.50 was recovered 10 points up to 2209.50 through the open. It was retraced to within 3 ticks after reacting down to 2201.25. This afternoon's 2208.00 bias-up signal held its test to avoid triggering. But this morning's 2211.50 objective has become "unfinished business above." Probing above 2208.00 at the bias environment exit would be likely to extend up to 2211.50. Meanwhile, a deeper pullback has room to test 2202.00. Probing lower when the bias environment lapses would likely trend down through tomorrow's open.

Monday morning's high touched the 2209.50 target of Friday's bias signal. Monday afternoon's high attacked it. But positive territory was never recovered. And the afternoon's no-bias environment lapsed without trying another recovery, so a decline filled the void. And it extended until probing he 2199.50 overnight low by 5 ticks as the position-squaring window lapsed. Monday's last several minutes bounced to 2201.00. More "unfinished business above" was created, and left outstanding. The gap back up to Friday's 2210.50 cash session close, and Monday morning's 2211.50 bias-up signal, are both likely to be tested before a durable downleg can begin. This is in addition to the 2220.00 objective put into play by closing last week above 2192.00. But, first, 2192.00 is unlikely to hold again if retested. Just attacking it would all but ensure probing it down to 2187.50. Avoiding its test would all but require gapping up Tuesday above Monday afternoon's 2207.00 high -- which would also form a "session-long rally setup". Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2205.75 2203.75 ...would target  2211.75  2209.75 Bias-down: under  2198.50  2196.50 ...would target  2192.75  2190.75 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL 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.