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Through the prior close... Fresh highs at 2476.25 before Thursday's open had complexity to label them a "new Globex trend extreme" requiring intraday retest. Often the same day, but not Thursday. The morning's bias-up held its test to put into play an offsetting test of the 2463.50 bias-down signal. A surprising news headline triggered a drop to within 3 points of the objective at 2465.50. Recovering entirely would leave the objective to become "unfinished business below." Ultimately, Wednesday's breakout was not confirmed, certainly not optimally. The afternoon 2470.50-2474.50 range overlapped or was supported by Wednesday's 2471.00 cash session high, which the closing bar overlapped. Overnight action's new info... Europe's opens ended another narrow overnight range again, which had consolidated down to 2471.00. Also again, the resolution was up, trending up 4 points for two hours. But only temporarily this time. Retesting yesterday afternoon's highs up to 2475.25 was soon retraced, and then reversed to fresh lows at 2469.25. If, then... Reversing the overnight surge is similar to the behavior I had described here yesterday. Then it was a gap up indication having melted away. At least that had probed fresh highs to create an attraction above. Today it is also a failed rally effort -- but a shallower effort that avoided fresh highs, and a deeper failure that is probing fresh lows. Those are distributive patterns, which can have immediate effect, or else doom to failure an intraday rally effort. Whichever "unfinished business" is neutralized first, either 2476.25 above or 2463.50 below, a reversal to the other attraction is likely. The overnight reversal and attraction below suggest that first move will be down to test 2463.50, where this afternoon's bullish WedEX suggests a rally leg awaits. Trend extremes aren't usually associated with expirations. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2473.75 would be unlikely to trigger the 2476.50 bias-up signal at 10:15. Exiting the open above 2472.50 would be unlikely to trigger the 2469.00 bias-down signal. Phonetic dictation... good morning and welcome it is Friday at Stanford Friday's morning market tour just one interesting development overnight it's for the maybe not that clearing but interesting I talked about it in the market Gordon the first trade blog post it essentially here's the overnight action narrowing right into 2471 2471 which is band Tuesday's cash session high that was relevant for another reason we'll talk about and here's your UPS opens and they Inspire or their the Catalyst it's not just coincidental that the narrowing range breaks out there let me digress for a moment and go back to the prior night narrow range Europe's opens inspiring or the Catalyst for whatever not necessarily anything about your UPS opens so overwhelmingly requiring that it Dragon I have a case American markets us markets up but perhaps just not opening down was enough to remove the innovation of the US markets ranging nearly whatever the reason or differing reasons in both cases they don't have to be the same causes prices went up and then this is what I wrote about and yesterday's First Trade lug post because at this point this is all we had was a reaction back down two or touching prior Heights and after that there was a fresh High not that it extended but it came off of this base of a temporary probe here is last night probing higher not a new high now I knew High relative yesterday's range which this was as well above the price rangeshins are generally associated with Trend extremes they aren't generally associated with Trend extreme this would not be a this would not then be a opportunistic time to originate a reversal that has legs that can extend so the other thing the bullish wed x signal that we got Wednesday's close the bullets the afternoon this afternoon will Trend up influencenow it's trying to be maintained trying to extend higher actually every night gold which was an outside day which tested irrelevant level overnight the flash crash load that it already been tested once that recovered to a fresh High and went out overlapping the upper end of the prior range that that's most of the elements to a setup that says the first break Beyond yesterday's range likely to Trend in that direction trying to break be on yesterday's Range High can I have to be maintained not really nuts about the macd and RSI deterioration I would write back to you on this machineto fill in that Gap it's been tested overnight see if I can happen if your day and then launched a recovery that would be fine perfectly acceptable back above 305 otherwise there's deeper pulled back levels all in the name of forming a durable bottom okay alright let's in the recording any questions go ahead and I'll see you back here before the don't forget we review tomorrow.

Big level met and held through the open. Rejecting the brief overnight rally had initially attacked this morning's 2469.00 bias-down signal. Another break lower greeted the open at yesterday morning's 2465.50 low. Consolidating there eventually broke lower to fulfill "unfinished business below" at 2463.50. RSIs diverged positively on a retest of 2463.50 down to 2462.75. Reacting up through 10:15 avoided renewing the bias-down signal. But this is still a no-bias environment. Fresh lows can't be dismissed, although they're less likely. Recovering further this morning should be defined by the 2469.00 bias-down signal if it is tested. 2469.00 can be recovered without consequence when the morning bias environment begins lapsing. The afternoon's bullish WedEX influence begins at the afternoon bias environment begins. So long as this morning's lows aren't broken, no other unfinished business below is currently preventing an afternoon uptrend.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2473.00 2470.50 ...would target  2477.75  2475.50 Bias-down: under  2465.75  2463.50 ...would target 2461.00  2458.50 Signal status: NO-BIAS FAQ INTRO VIDEOS #1 and #2 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.

Only attacking the bias-up signal. Gapping down had extended to 2463.50, which had been unfinished business below and this morning's bias-down target. It held as support to avoid renewing the bias-down signal.Two more tests held, and the balance of the morning ranged sideways in negative territory. It wasn't optimal like isolating 2463.50's test to the open, but not gaining traction for expending selling pressure all morning isn't that far removed. Otherwise, this morning's pattern delivered everything that the bullish template required. The morning's bias environment exit was had firmed back up to the 2465.75 open. Extending through the noon hour attacked the 2470.50 bias-up signal to within 2 ticks. Bias-up didn't trigger. This afternoon's bullish WedEX influence could exceed the 2470.50 bias-up signal anyway, or wait for the bias-environment to lapse. Regardless, back under 2465.50 would signal momentum reversing down.

Friday's high point was its recovery from the morning's test of the 2463.50 bias-down target. That was 2 ticks short of the afternoon's 2470.50 bias-up signal, and it printed at the 1:20 bias timing window. That's when the bullish WedEX influence began, and price immediately began dipping. Testing and attacking Thursday's 2465.50 didn't break lower -- Friday afternoon wasn't going to accomplish something that Friday morning had tried and failed. Its reaction spent the last half-hour rallying back to the afternoon's 2470.00 high, piercing it by an errant tick at the cash session close. Ultimately, the bullish WedEX influence remained intact, so an aggressively bullish influence Monday morning remained likely. Details and other markets coverage are discussed in the post-market Wrap recording here.

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MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2474.50 2472.00 ...would target  2481.00  2478.50 Bias-down: under  2467.00 2464.50 ...would target 2460.75 2458.25 Signal status: NO-BIAS FAQ INTRO VIDEOS #1 and #2 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.