MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2074.00
2066.00
...would target 2080.25
2072.25
Bias-down: under 2066.25
2058.25
...would target 2058.50
2050.50
Signal status: NO-BIAS, TESTED BOTH BIAS-DOWN PARAMETERS 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.

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

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

Through the prior close...
Thursday''s reaction to the pre-open Employment report surged to 2079.00, but failed to trigger bias-up. An offsetting test of the 2062.25 bias-down signal was fulfilled at the noon hour''s low. The close had recovered 2070.50.

Overnight action''s new info...
Globex holiday trading through Friday''s noon hour dipped to 2063.25, putting into play 2058.00. Small potatoes. Sunday night''s open reacted to Greece''s no-vote by gapping down to 2034.25, off 34-35 points from Thursday''s close. Almost duplicating last Sunday night''s gap down, price action since then has trended up relentlessly. The plunge has been cut by two-thirds to test 2059.00 -- where last Sunday night''s open had gapped down.

If, then...
Will this Sunday night''s plunge recovery continue duplicating last Sunday night''s reaction by resolving back down after Monday''s open? There is no requirement to retest last night''s open, which was not complex, so it is not a "new Globex trend extreme" that otherwise would require intraday retest. And having tested the next lower objective to 2040.25, there is no other "unfinished business below." Not currently. Gapping open within last week''s range above 2046.75 can avoid creating a gap wanting to be filled from above. Recovering positive territory through the open could extend higher through the morning. But not already rallying out of the open would start making an intraday test of 2040.25 likely.

First Trade...
Exiting the open at 9:45 above 2062.25 would be unlikely to trigger the 2058.25 bias-down signal at 10:15. Exiting the open above 2066.00 would be likely to trigger the bias-up signal at 10:15, which is also 2066.00. Exiting the open at 9:45 back under 2053.25 would be likely to trigger the 2058.25 bias-down signal. And exiting the open under 2047.00 would be likely to renew the bias-down signal by not recovering the 2050.50 bias-down target at 10:15.

Complete post-open recovery of Sunday night''s plunge.

The overnight recovery up to 2059.25 was retraced pre-open down to 2048.75. Bouncing through the open reacted down initially to 2049.25, but recovered 2053.25 through the opening 15 minutes of volatility to make the 2058.25 bias-down signal unlikely to trigger.

In fact, 2062.50 was being tested at 10:15, triggering no-bias. Rejecting tests of both bias-down parameters -- including the 2050.50 bias-down target -- put into play offsetting tests of both bias-up parameters, 2066.00 and 2072.25.

That can be invalidated. It''s too late to trigger, but back under the 2058.25 bias-down signal at 10:30 would negate whatever was signaled by recovering it through 10:15. That door remains open since the pre-open and post-open dips did stop optimistically short of their prior support. Exceeding the 2062.50 high made before 10:15 would undermine sellers.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2074.50
2067.00
...would target 2079.75
2072.25
Bias-down: under 2064.25
2056.75
...would target 1058.75
2051.25
Signal status: NOn-BIAS, TESTED BIAS-DOWN 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.

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 Sep Contract (EC, ETF: (FXE, UUP))
Sunday night''s gap down only attacked the prior Sunday''s 1.0981 opening gap before recovering back into positive territory at 1.1108. Its retracement stopped optimistically short of even touching the overnight low, but its reaction up was resisted by last week''s closes. Fresh lows remain likely so long as the 1.1120 bounce limit holds.

Gold Aug Contract (GC, ETF: (GLD))
Sunday night''s $6 gap up to 1174.00 had reacted down to 1162.00 before Monday''s open. That was recovered to attack 1174.00. It''s not optimal for a bottom, but back above 1175.00 would start to signal momentum reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Sideways ranging continued avoiding whatever influences have been keeping gold under pressure. Closing at 15.75 which the past two weeks have repeatedly overlapped still keeps the decline from extending.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sunday night''s flight-to-safety triggered a probe above last week''s 151-15 high up to 151-26. Its reaction down to 150-13 was recovered to a fresh post-open high. Back under 150-06 would signal momentum reversing down, eventually targeting fresh lows under 147-14.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Sunday night tested support at 53.25 by more than a dime. And that was exceeded after the close down under 53.00. The decline''s momentum remains intact so long as bounces now hold 53.85 as resistance.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Filling the outstanding gap above Thursday and closing back under 2.83 prevented buyers from gaining traction. Gapping down to 2.77 support Monday doesn''t help sellers to gain traction, although the session simply ranged choppily sideways. There is no compelling setup in this pattern.

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2074.75
2067.00
...would target 2079.75
2072.25
Bias-down: under 2064.25
2056.75
...would target 2057.75
2050.25
Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED 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.