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... (summary of last Market Wrap) Monday's open struggled to absorb a 3-point gap down to 3116.00. A bearish Globex-flip setup and the bias-down signal were tested down to 3111.00. Sellers were ultimately absorbed and new highs were probed through the afternoon bias environment up to 3123.50. That was all still well under Sunday night's attack on 3128.00, which had evaporated in reaction to a China trade headline. But the session did close flat-to-higher, overlapping Friday's 3119.25 close up to 3121.00. Friday's breakout was confirmed, albeit not decisive. Overnight action's new info... (nearby chart is last intraday session and Globex) The late bounce up to 3121.00 was retraced entirely down to 3115.75. But not for long before recovering back up through yesterday afternoon's highs to 3125.00. A slightly higher high had been probed momentarily before Europe's opens, but the next leg recovered Sunday night's 3127.75 high on the way up to 3132.50. And the probing above both intraday and prior overnight highs has been complex, forming a "new Globex trend extreme" that requires intraday retest. If, then... (notes to accompany the Tour recording) We gave yesterday's last-minute it a benefit of the doubt for confirming Friday's breakout. Not confirming decisively creates vulnerability to an a multi-session dip. That dip might be avoided thanks to already trending up into Tuesday's open. But intraday action won't be invulnerable to reversing down until at least one timing window is exited above prior highs. Meanwhile, keep in mind that the rally's next higher objective is now being attacked to within 3 points at 3135.00. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 3127.25 would be likely to trigger the 3124.50 bias-up signal at 10:15. Exiting the open under 3121.25 would be unlikely to trigger bias-up.

Open's collapse extends lower post-open. Indecisively confirming Friday's breakout yesterday was still bullish enough to probe higher highs, but not enough to maintain them. Coming to within 3 points of the rally's 3135.00 target is going to be resistant anyway. But perhaps the most bearish influence was the open being greeted by Democrats already questioning harmful impeachment witnesses.

That line of questioning ended just minutes after 10:30. That's when the post-open drop from 3127.50 bottomed at 3117.75. Persistently oversold 3-minute RSI had ended, and RSIs diverged positively.

But no bounce is required. Having held a test of the bias-up signal, an offsetting test of the 3114.75 bias-down signal is in-play. (It's now being probed by 6 ticks).

A bounce would be attracted to filling the gap back up to the 3127.50 open, or to the 3132.50 overnight high, both requiring intraday retest. The rally's 3135.00 target could be tested, too. None of which requires any particular timing, or can necessarily prevent a multi-session decline. In fact, RSIs are oversold again as the bias-down signal is tested to 3113.25.

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 3127.25 3126.50 ...would target 3134.75 3134.00 Bias-down: under 3117.75 3117.00 ...would target 3111.25 3110.50 Signal status: 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.

Market Wrap will be early at 3:13 ET. Another China trade headline on the cusp between timing windows may have killed trending for today. Ranging potential remains intact, and the range could break during the session's final hour. But meanwhile this morning's 3112.75 low and the 3127.50 open are likelier to contain price action. This morning's drop bottomed upon testing and retesting its 3114.75 objective down to 3112.75. Oversold RSIs there will require eventual retest, but not necessarily today. "Unfinished business" above now includes the 2127.50 opening print, and the 3132.50 overnight high's "new Globex trend extreme. Neither of the upside attractions have any time frame requirements for being visited, either. An organic recovery was already underway when a China trade headline triggered a 6-point spike up to 3125.25. Coming on the cusp between the bias environment lapsing and entering the noon hour can inhibit sponsorship. The headline was already retraced entirely, and this afternoon's no-bias signal isn't yet offering any new objective.

Overnight rallying to a "new Globex trend extreme" at 3132.50 greeted the open back down at 3127.50. And then collapsed. The morning slid to 3112.75, fulfilling its 3114.75 objective along the way, and leaving oversold RSIs at its low. Already recovering organically back up to unchanged around 3120.00, a China trade headline triggered a spike up to 3125.25 when the bias environment had begun lapsing. The spike almost filled the open's gap up, which must be retested eventually from below. Meanwhile, having appeared on the cusp between timing windows, the headline's artificial catalyst killed trending for the day. The morning recovery corrected 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} down to the 3117.00 noon hour low, and was recovered to attack the spike up's 3125.25 high reaction to within 3 ticks. The range persisted through the close. Upside attractions now include the 3132.50 new Globex trend extreme, Tuesday's 3127.50 opening gap above all prior highs, a new high close above the confirmed breakout, and the rally's long outstanding next higher objective at 3135.00. Wednesday afternoon's FOMC Minutes could be a wild card in neutralizing those attractions above, or inserting a multi-session detour down. 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 3126.75 3126.25 ...would target 3133.50 3133.00 Bias-down: under 3115.00 3114.50 ...would target 3107.00 3106.50 Signal status: noN-BIAS . 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.