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) Thursday's Employment Situation report was greeted at the morning's bias-up target, already having rallied overnight from Wednesday's 3102.00 Globex open. Its reaction surged to 3147.50 pre-open, and extended up to 3156.50 during the open. Those were also tests of the 2-week old 8-day range's upper-end, and their resistance ultimately held. Dropping through the morning attacked 3119.00, and after correcting the drop by a 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement, the morning's low was retested down to 3114.00. but only briefly before bouncing through the close to 3130.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Thursday night's flat-to-lower ranging got choppy into and out Europe's opens, then gradually fell through Thursday's intraday low to test 3106.00. That happened to be this morning's bias-down target, calculated from patterns that had formed through Thursday's close. Its reaction firmed up to this morning's 3118.00 bias-down signal by Friday's early close. Sunday night's open gapped up and extended to the highest levels in 3 weeks at 3167.50 by midnight. Ranging sideways since then has eked out a couple of slightly higher highs, most recently attacking 3173.00. If, then... (notes to accompany the Tour recording) Even after Thursday's intraday reaction down from gapping up, bullish conditions remained intact, if not more so. Now a complex Ascending Triangle, which has formed since the 4-week old Island's collapse, appears to be launching its breakout to new recovery highs. Unfinished business includes the Island's 3159.00 gap up above all prior highs (still requiring intraday retest), and the Island's 3188.00 and 3197.50 internal retracements. None of which ensures trending up intraday, instead of attracting another round of sellers. But backing-and-filling today is less likely because Friday's gap up did back-and-fill intraday, only to be absorbed so quickly. A post-open pullback is still possible, but would likely recover. Two setups forming are Relentless Overnight Trending and Session-long Rally, capable of being either bullish or bearish. Generally, not recovering 3177.00 through the open would keep the door open to a pullback targeting 3141.00. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3140.00 would be likely at least to trigger the 3134.50 bias-up signal. Exiting the open above 3155.00 would be likely to also exceed the 31505.50 bias-up target at 10:15 to renew the bias-up signal.

But no improvement since midnight. Relentless Overnight Trending had extended through midnight to test 3169.00. Ranging sideways into the open eked out a couple of higher highs attacking 3173.00. The open's dip to attacked the pre-open range's 3158.00 low. Its reversal into a 10:00 econ report's knee-jerk reaction probed the pre-open range's highs up to 3174.50. But still resolved back down to fresh post-open lows at 3155.00. None of which invalidates the renewed bias-up, triggering by having exceeded the bias-up target through 10:15. A pullback has room down to the 3134.50 bias-up signal during the bias-up environment. This one is targeting 3141.00. Support along the way lies at the 3156.25 pre-open high from the 3-week old trading range. Its resistance contained Friday's gap up. This morning's 3150.50 bias-up target could also offer support. There's also the 3143.50 pre-open high of the 3-week old trading range. Under 3141.00 would suggest a deeper pullback underway. Regardless of its depth, containing the pullback to this morning's bias environment would remain vulnerable if not also likely to resume the rally this afternoon. Back above 3166.00 could signal the rally has already resumed.

MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3187.00 3177.00 ...would target 3200.75 3190.75 Bias-down: under 3170.00 3160.25 ...would target 3163.75 3153.50 Signal status: LATE NO-BIAS, TESTED BIAS-DOWN 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.

Gap up neither extended, nor rejected. Last night's rally hadn't improved since midnight, and now also not since the open. Choppiness that began at midnight has continued widening, centered around midnight's 3167.50 high and the 3163.50 open. Now this afternoon's 3160.25 bias-down signal has held multiple tests to trigger no-bias. Not yet rallying out of the afternoon bias environment would become less likely to extend the recovery -- not without a deeper dip, still being defined as 3141.00. Or, not without gapping up tomorrow. Meanwhile, fresh afternoon highs would have room up to the 3177.00 bias-up signal without be no-bias trending that requires being retraced. It can be probed later without consequence.

Sunday night had surged from under Thursday's 3121.50 close, through the prior range's 3156.00 upper-end to 3167.50 by midnight. Ranging choppily sideways through the balance of the night persisted through Monday's session. Pre-open and post-open tests of 3173.00 both reacted down to the range's lower-end at 3156.00. A late rally recovered the range's upper-end back up to 3174.00 through the close. The late surge fulfilled a late buy signal that was likely to be rewarded by retesting earlier highs. Although not actually unfinished business, neutralizing that attraction left fewer incentives to extend higher. Despite maintaining the overnight rally, no earlier afternoon setup suggested that the rally had gained any traction for its effort. Trending up Tuesday all but requires gapping up to get underway. The relationship isn't mutual, and gapping up doesn't require extending higher. Somewhat similarly, gapping down is the likeliest start to trending lower. But an interim dip down to 3141.00 can develop regardless of its origin, if stronger-handed buyers aren't yet extending higher through the open. Monday didn't form a bullish gap-and-go, but not rejecting the gap up to this area again does suggest resolving higher. The required retest of the month-old gap up to 3159.00 is now neutralized, and the Island is now retested, so no unfinished business remains outstanding above. So, trending up anyway would be that much more bullish. 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 morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3187.00 3177.00 ...would target 3200.75 3190.75 Bias-down: under 3167.25 3157.50 ...would target 3150.00 3141.25 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL . 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.