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... Thursday's unusually-timed collapse from 2857.50 had begun by relentlessly sliding 25 points overnight, where intraday sponsorship produced another 25-point drop through the noon hour low to 2807.00. Its retest was easily squeezed by an 18-point surge that extended another 15 points overnight to attack 2840.00. Intraday sponsorship was bearish again, albeit allowing a blip-up to 2842.00 that reacted down 21 points through the bias environment. The 3-day weekend's illiquidity finally sucked the volatility out of price action, and the balance of the session ranged widely sideways between 2827.00-2834.00. Overnight action's new info... Friday afternoon's range persisted through Sunday night and Monday morning's Globex session, except for a brief attack on 2840.00 into Europe's opens. The attack on 2840.00 was repeated after midnight, and its resistance held again. The reaction down has extended through Sunday night's lows to 2822.00, attacking Friday morning's lows If, then... (notes to accompany the Tour recording) Thursday's close back above 2813.00-2817.00 had avoided opening the floodgates of selling. But its close under last Monday's 2833.00 lows was maintained through Friday's close. And Friday's gap up held its tests of relevant resistance from last Monday's relevant late swing. Reattempting to break under 2813.00-2817.00 through a relevant window would likely collapse. Rallying would be challenged at 2840.00, but breaking higher would target 2848.00, if not also 2860.00. First Trade... [Click here to view the Bias parameters] (Originally sent yesterday labeled as "MON", although applicable today as "TUE")... Exiting the open at 9:45 above 2825.25 would be unlikely to trigger the 2823.00 bias-down signal at 10:15. Exiting the open under 2820.00 would be likely to trigger bias-down.

Post-open rally fails, again. The overnight dip had tested and retested the 2823.00 bias-down signal, then bounced sharply to attack 2836.00. A 7-point reaction bounced again at the open to probe the 2840.25 bias-up target by 1 point.

The target held. And repeating Friday's pattern, post-open strength has been reversed into negative territory. Both are versions of Thursday's immediate post-open decline.

Reversing back down barely avoided triggering the 2833.00 bias-up signal. It was still being overlapped at both 10:15 and at 10:30 to trigger noN-bias. Not bias-up with a retest of its target in-play. And not no-bias, targeting the bias-down signal, or requiring the window to develop within its bias signals. The levels are still influential, but not predictive. The 2817.00 bias-down signal doesn't require being tested, and doesn't require holding if tested. Sellers could be done, but it will be difficult to probe fresh highs today. Meanwhile, an afternoon downleg could extend.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2831.25 2832.00 ...would target 2837.50 2838.25 Bias-down: under 2823.50 2824.50 ...would target 2816.00 2817.00 Signal status: NO-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.

A lot of quick starts and stops but not break -- not, yet. This morning's noN-bias environment ranged choppily sideways, well under the open, and much further below the open's brief surge that tested the 2840.00 overnight highs. Three consecutive sessions have found early post-open selling pressures, with or without first bouncing. That sequence makes it difficult to entice buyers again. Now the 2823.00 overnight lows are being probed by 2 points. This afternoon's no-bias signal is probing under its 2824.50 bias-down signal. It wasn't triggered, so it will require being retested before a downleg can be reliable for extending. Unreliable, but still credible. While tagging up to touch 2824.50 would neutralize its attraction above, the bounce would be vulnerable to extending. Probably not, since both 1-minute and 3-minutes RSIs are oversold at the 2821.25 low, but still vulnerable. Regardless, there's no bullish reason to probe much lower at this stage.

2827.50-2835.00 ranging through Sunday night and Memorial Day had twice attacked 2840.00, but mostly held into Tuesday's open. Another surge probed 2840.00, but no more successfully as its reaction fell back through the main overnight range to attack its 2823.00 lows. Ranging up to 2833.00 through the noon hour hardly waited for the bias environment to lapse before breaking lower. Sharply lower, through 2813.00-2817.00 down to 2800.50. The last low finally avoided taking 1-minute RSI oversold. The retest of 2813.00-2817.00 had become likelier when Tuesday's opening surge failed. It was the third consecutive early selling pressure of consequence. All of which continued defending last Monday's "higher prior lows" as resistance. If probing under 2813.00-2817.00 extends this time, then it represents the break under late-March's momentum peak. Its week-long distribution had dumped ballast that enabled the interim rally to 2961.00. But its distribution was strong-handed, suggesting the rally's ultimate failure would reverse down substantially. Not including the many interim supports and bounces along the way, the next lower major objectives would be 2727.00 and 2581.00. Pessimism was at extreme levels into Tuesday's close, which could delay extending the decline -- but only delay, so long as 2840.00 and 2860.00 hold bounces. 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 2805.25 2806.00 ...would target 2812.25 2813.00 Bias-down: under 2797.50 2798.25 ...would target 2791.25 2792.00 Signal status: BIAS-DOWN, BIAS-DOWN 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.