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

Through the prior close... (summary of last Market Wrap) Thursday night dipped from 2523.00 down to 2474.00, and back up to 2527.00, then dipped again into Friday's Employment Situation report. The historic number triggered an obligatory blip-down to 2486.00 that reversed up immediately on the way to another fresh high at 2529.50 through the open. Reversing down out of the opening 15 minutes of volatility trended down to 2449.00 through the afternoon bias environment, ignoring two no-bias signals. Choppy bouncing through the last 60-90 minutes left outstanding the morning's 2497.50 bias-down signal which still requires being retraced. Overnight action's new info... (nearby chart is last intraday session and Globex) Sunday night's open spiked up 37 points to attack the 3-day range's upper-end at 2520.00. Its consolidation soon produced a 55-point surge up to 2566.00. Trending up further attacked 2587.00 and has ranged sideways through Europe's opens, so far peaking just short of the 5{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} limit up boundary. If, then... (notes to accompany the Tour recording) Last night's highs were last seen last Tuesday afternoon before extending sharply lower on the week. They threw everything but the kitchen sink at a 2-day collapse and couldn't extend the decline. Its recovery was impeded by weekend illiquidity, but its bridle is clearly off. Now the question is whether intraday reinforcements will be inhibited by the sudden price hike, which already began inhibiting overnight sponsorship several hours ago. Peaking just short of the 5{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} limit up boundary still qualifies as restrained optimism which is potentially bullish from a contrarian perspective. A pre-open pullback down to 2555.00-2560.00 could introduce enough pessimism to restart the bidding. Anything deeper could shift the morning focus to backing-and-filling with a 2422.00-2430.00 target. Extending higher would at least target last week's 2626.00-2636.00 highs, and likely higher. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters) The open is indicated well above this morning's bias parameters.

Overnight rally resumed. Ranging sideways from the 2587.00 overnight high had dipped to 2564.00 pre-open. Not quite 2555.00-2560.00 but it would still qualify as a pullback. Rallying immediately from the open could be credible for resuming the overnight rally. So, the 2575.00 open dipped back down to 2564.00. If that hadn't sufficiently stretched the rubber band, then 2555.00-2560.00 would be met, after all. The post-open retest of 2564.00 held, and soon 2604.00 was being attacked. That's Tuesday afternoon's last relative high, which is obligatory resistance. and its obligatory hesitation is now resolving up to attack 2607.00 Hold tests of 2591.50 support (now being tested) and resolving up is likely this morning, but any lower could start backing-and-filling to 2570.50-2575.00. Meanwhile, the relentless overnight trending exited the opening 15 minutes of volatility having recovered the open's initial dip. This setup also makes the overnight rally likely to extend higher this morning.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2625.75 2616.50 ...would target 2636.25 2628.00 Bias-down: under 2601.25 2593.00 ...would target 2585.25 2577.00 Signal status: LATE BIAS-UP . 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.

Sellers done? The noon hour's exit may have been the final factor to preventing a Gap-and-Go setup from forming. Its basis was formed by gapping up and extending higher, then maintaining through the bias environment or noon hour. But the bias environment should be entered back under the noon hour low or morning high. This afternoon's bias environment is being entered above the noon hour low, and well above the morning high. And the 2616.50 bias-up signal has triggered, albeit late but signaled, and fresh session highs confirmed it. Now a fresh session high at 2629.00 is fulfilling the 2628.00 bias-up target. 2626.00-2629.00 is also prior highs, resistance along with last week's overnight highs attacking 2636.00. The objective for fresh recovery week's highs up to 2638.00-2643.00 would be likely next. Back under 2617.75 would start to signal another pullback underway.

Spiking up from 2483.00 Sunday night began the overdue recovery of last week's 2629.00 to 2433.00 correction. Two more days of throwing bad news after bad news without producing more than a brief extension down to 2425.00. Friday could have started recovering already if not for the weekend illiquidity. Monday compensated for the delay be extending relentlessly into its 2668.50 high. Not rejecting the relentless overnight rally through Monday's open had made the morning likely to extending higher, if not also the session. Probing higher through the noon hour avoided forming a Gap-and-Go setup that would have also avoided 43 points of the session's gain. Monday was the 3rd largest point gain, but just missed out on making the top 20 percentage gains. The last-minute reaction down from 2668.50 to 2639.00 didn't undo the pattern of trending up into the close. So, gapping down Tuesday under Monday afternoon's 2612.00 low could form a session-long decline. Just backing-and-filling is also possible. Even if the rally were assured of extending higher, nothing requires that it extend higher next. 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.

TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2664.75 2656.75 ...would target 2682.50 2674.50 Bias-down: under 2639.00 2630.75 ...would target 2622.75 2614.50 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . 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.