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) Expiration's wild card didn't prevent Thursday's bullish PM Traction from being very productive into the bias environment's first 15-minute 3508.50 high. But the balance of the window trended back down into the opening range at 3486.00. Exiting the afternoon bias environment above noon hour highs triggered a bullish Friday PM Drift setup, but it inverted into a collapse down to 3472.00 through the cash session close -- extending to 3461.00 post-close. Bullish PM Traction also formed, potentially influential Monday morning. Overnight action's new info... (nearby chart is last intraday session and Globex) Remember Friday's post-close extension of the late collapse by another 10+ points? It was rejected by Sunday night's open gapping up 1 point above Friday's last-minute 3470.00 cash session low. Friday's 3484.00 area higher prior lows began chipping away well before midnight. Europe's opens triggered a 10-11 point surge up to 3496.50 that almost retraces the collapse's 3500.00 origin. The surge's immediate reaction has since been consolidating sideways. If, then... (notes to accompany the Tour recording) Friday's late collapse wold confirm a bearish WedEX, unless rejected by proxy at today's open. Gapping up -- which is currently indicated -- would all but reject Friday's late collapse, and then not trending down through the open would reject this morning's bearish WedEX influence. Gapping up -- which is still currently indicated -- would also suggest Friday afternoon's bullish PM Traction is intact, which also trending up through the open would help to confirm this morning's likelihood for trending up. Meanwhile, relentless overnight trending has formed a new setup, and its bullish or bearish influence this morning also depends on the open's action. First Trade... (9:45 preliminary indications for the 10:15 Bias parameters)

Exiting the open under 3474.00 would be unlikely to trigger the 3479.00 bias-up signal. Exiting the open above 3484.25 would be likely to trigger bias-up. Exiting the open above 3493.50 would be likely also to exceed the 3490.00 bias-up target to renew the bias-up signal.

But trending back down. Reacting down from the 3496.50 overnight high was never recovered, but the open's surge attacked it up to 3493.50. Any higher through the open -- instead of only overlapping it -- would have been likely renew the bias-up signal. The first 15 minutes still qualified as uptrending, so at least a position of strength was formed. And apparently, only a position of strength. Price suddenly collapsed 24 points. Bouncing to 3484.50 triggered a late bias-up, but didn't prevent fresh lows collapsing back under the 3479.00 bias-up signal down to 3464.00. Friday's PM Traction and the relentless overnight trending setups both rely on the first 15 minutes uptrending to be considered bullish influences this morning. That would mean recovering at least the 10:30 3484.50 high, if not also the 3490.00 bias-up target and the 3493.50 post-open high. Unlimited time isn't allowed to recover. Every minute and every tick of delay only becomes likelier to extend the decline down to the 3454.50 bias-down target. The recovery's delay so far is failing to exploit RSIs diverging positively at the 3466.50 bias-down signal's support.

MON P.M. BIAS

At 1:20 the P.M. BIAS is BIAS-UP: above 3474.00 signal would target 3482.00. BIAS-DOWN: under 3454.00 signal would target 3443.00. NO-BIAS: between both signals. MON afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3482.50 3474.00 ...would target 3490.50 3482.00 Bias-down: under 3462.50 3454.00 ...would target 3451.50 3443.00 Signal status: NO-BIAS . BIAS VIDEOS... INTRO // EXAMPLE

Hovering at session lows. Ranging sideways through the morning bias environment exit persisted through the noon hour and into the afternoon bias environment entry. The range formed a Descending Triangle that repeatedly attacked 3456.00 as support. That support is now being probed to test 3451.00. The afternoon 3454.00 bias-down signal is being tested, and should define the no-bias window's lower-end. The triangle's break has potential to 3448.00-3451.00 within the context of a false break. Anything under the 3454.00 bias-down signal is no-bias trending that requires being retraced. That false breakout is a stretched rubber band, and its retracement would be the snap back up. Unfinished business above isn't enough to ensure a recovery, let alone to prevent extending down deeper. There is no unfinished business below other than RSIs becoming oversold on each dip.

Sunday night's gap up immediately recovered the excess probe under Friday's 3470.00 cash session low. Extending higher through the open to 3494.00 rejected Friday's late collapse altogether. But once serving that bullish purpose, the balance of the session trended down to test 3411.00. The decline was able to invert the morning's two bullish setups and also invalidate the afternoon no-bias trending. A post close spike up to 3433.00 seemed to be triggered by a random stimulus headline. What was the catalyst to Monday's slide? Stimulus talks were progressing as slowly and hopelessly as at any time previously, with no high-profile earnings surprises. The Biden scandal wasn't any broader than during Sunday night's rally. The market is unable to finish an organic pullback without having a scapegoat that sponsorship can discount. The drop did hold a candidate for the pullback, ending the day consolidating around 3415.00. This also retraces the 4-day rally into last Monday's high by 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6}, while testing a lower prior high. Any lower without first bouncing could find only obligatory support at 3401.50 on the way down to 3356.00. Already recovering overnight (again) would likely extend higher aggressively intraday, still targeting a retest of last Monday's 3541.00 high. 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 A.M. BIAS

At 10:15 the A.M. BIAS is BIAS-UP: above 3433.50 signal would target 3446.00. BIAS-DOWN: under 3413.00 signal would target 3401.50. NO-BIAS: between both signals. TUE morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 3442.00 3433.50 ...would target 3454.50 3446.00 Bias-down: under 3421.50 3413.00 ...would target 3410.00 3401.50 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE