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) Ranging sideways Sunday night retraced 38.2{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of Friday's late-afternoon surge. A breakout developed long enough before the close to be credible for extending. Which it did, to 3286.00 before the open and to 3295.50 before the close. The morning's wide swings were narrowed into the afternoon's higher highs, where swings widened again into the final hour's reaction down. The last unfinished business was neutralized at 3284.50, still being overlapped at the close along with 3288.00. Overnight action's new info... (nearby chart is last intraday session and Globex) Choppy sideways ranging finally finally broke higher just ahead of Europe's opens. Not by a lot, only to 3297.25. Not by strong hands, as RSIs diverged negatively on its retest by 2 ticks. And not for long, as Europe's opens triggered a 24-point slide. The high and its retest each were brief singular probes above prior highs, lacking complexity, and not forming a new Globex trend extreme. If, then... (notes to accompany the Tour recording) The last unfinished business at 3284.50 was neutralized yesterday, and none was created. Still testing the highest bear market rally calculation at 3288.00 was overlapped by every timing window yesterday, and still being tested at the close. None of which is a sell signal. Not even the overnight dip that is testing initial support in Monday's 3272.00-3276.00 gap-to-gap range. The pullback has more room down into 2-week old lower prior highs at 3266.00 before even starting to suggest the trend may be reversing down. Whatever the reversal, it is getting the help of two bearish setups, Isolation and Globex-flip. Avoiding their triggers would enable fresh highs targeting 3303.00-3307.00. intraday would be vulnerable to reversing down. And 3303.00-3307.00 doesn't require being tested. Just touching 3271.75 below would create unfinished business back up to 3283.00, although that could be delayed by a deeper pullback. The ongoing rally's concern with the overnight dip is that the prior pullback is so recent -- i.e. been there, done that, and don't need to be doing it again this soon. Already starting another pullback would be more toppy than corrective. open The ongoing rally's other concern is that this is where it should fail, according to the 2-week old confirmed breakout reversal that has yet to be rewarded by a close under 3191.00. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open above 3284.25 would be unlikely to trigger the 3276.25 bias-down signal. Exiting the open under 3290.75 would be unlikely to trigger the 3294.25 bias-up signal.

Bearish setups absorbed. At least, one bearish setup. Globex-flip required exiting the opening 15 minutes under the 3285.50 earlier Globex low, preferably not even touching it. But the 3271.00 overnight low was recovered through the 3278.00 open not to touch 3285.50, and not reject it within several minutes. Meanwhile, spending the entire open in negative territory does start to fulfill the bearish Isolation setup. Its trigger still requires holding under yesterday's 3295.50 high all morning. Any higher any later, if at all, should then be very brief and sharply rejected. Now the pre-open and post-open recovery has extended up to 3292.50. The 3276.25 bias-down signal was only touched pre-open, so no offsetting test of its 3294.25 bias-up signal is required. It doesn't require being tested, but there's still room to test 3294.25 until the no-bias environment lapses. Similarly, reversing down would have room to 3276.25. A likely bearish scenario would find the overnight drop to have been a warning shot. And it created extra room to expend buying pressure without it gaining traction. So, this post-open bounce's failure this afternoon could evolve into something much more protracted and deeper.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3306.75 3299.25 ...would target 3314.50 3307.00 Bias-down: under 3291.75 3284.25 ...would target 3280.50 3273.00 Signal status: NO-BIAS . 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.

Again. The post-open rally had room up to the morning's 3295.50 bias-up signal. Being required to hold during the no-bias environment, it was only touched repeatedly until the no-bias environment began lapsing. The noon hour's pullback down to 3286.00 has reacted up to 3294.50, and suddenly stalled. Now this afternoon has triggered no-bias, too. Neither 3284.25 or 3299.25 bias signal has even been attacked, but should define that end of the window if tested. The intraday range is relatively narrow -- not quite the enthusiasm of fresh recovery highs, especially on the day following a breakout. Friday being the Employment Situation report's release, this afternoon may be focusing on tomorrow's pre-open ADP report. Inhibition ahead of any report isn't unusual, but at least we know that some paralysis is inhibiting trending.

Ranging sideways overnight up to 3297.50 through Europe's opens collapsed to 3271.00. Bouncing through Tuesday's open retraced Monday's 3295.50 intraday high. Ranging sideways intraday through two no-bias signals collapsed to 3279.00. Bouncing through Tuesday's close probed fresh highs only during the last 5 minutes up to 3300.50. Oversold RSIs were left outstanding at the low. Like Monday, Tuesday's intraday momentum was lacking as each intraday timing window overlapped 3288.00. Monday's high wasn't even pierced until Tuesday's last 5 minutes, so its higher close makes a very suspicious confirmation of Monday's breakout. But Tuesday's second consecutive close above prior highs does invalidate the 2-week old reversal's outstanding requirement for lower close under 3191.00. The default is not necessarily bullish, and another bearish signal or setup can trigger. But the 2-week old context is no longer influential. So, the rally remains intact and productive, although not gaining traction, creating new upside objectives, or leaving unfinished business above. Ranging around the rally's 3288.00 target isn't yet rejected through a close or exceeded on a timely basis. Nothing prevents the rally either resuming more aggressively Wednesday, or beginning a downleg, perhaps triggered by the pre-open ADP report. 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].

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3310.25 3303.75 ...would target 3321.00 3313.50 Bias-down: under 3294.25 3287.00 ...would target 3283.25 3276.00 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.