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... Wednesday's 5-8 point gap up wouldn't suffice to make the session bullish. The open immediately tested Tuesday's 2465.00 prior high, and extending through it would have made the session bullish. But the resistance held, including a test of the 2466.75 bias-up target. Reacting down to 2458.25 was recovered to fresh afternoon highs at 2469.00. But that was all but doomed to failure since fresh highs didn't extend when the bias environment began lapsing. Then the close slipped back under the morning's high to 2465.00, which further undermined buyers, who were already labeled weak-handed by an "inside day" that was biased-upward. Overnight action's new info... Wednesday's last dip had triggered a sell signal under 2565.50 that targeted a fresh session low had it been triggered earlier. Globex opened with an 8-point spike down to 2457.50, a 50{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement of the rally from Tuesday's low, immediately fulfilling the sell signal's objective of probing under Wednesday's low. It also immediately settled around 2461.00-2460.00, and then extended back up to 2464.50. Europe's opens was greeted back down at 2461.00-2460.00, which also recovered -- this time back into positive territory at 2467.25 ahead of the ECB statement. If, then... Gapping up Thursday could have served by proxy as if Wednesday's close were stronger, the product of reinforcements, albeit late. Gapping down sufficiently could have had a similar effect, for inverse reasons -- adjusting price to a level that would attract strong-handed buyers. The latter scenario is less likely since that recovery has already expended its energy, so opening weakness would now be likelier to extend down. Gapping up is similarly hindered by the latest leg prior to the ECB statement. Gapping up would still get a benefit of the doubt, but reversing it or simply opening weaker may spend the morning drifting back down to overnight lows. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 back under 2459.00 would be likely to trigger the 2461.00 bias-down signal at 10:15. Exiting the open above 2462.75 would be unlikely to trigger bias-down. Exiting the open under 2466.00 would be unlikely to trigger the 2469.00 bias-up signal. Phonetic dictation... good morning and welcome it is Thursday it's time for Thursday's morning market tour little housekeeping look for instructions today regarding this Dobby product notification they're doing some sort of an upgrade to their ad on and I'll have instructions in a blog post try to make that pretty visible otherwise we started a philosophical question and are actually from Tuesday's low you can see to the spike low that was a 50{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} retracement the central aid from yesterday's high so some natural support their it's not the greatest support I would have preferred to be buying this morning or having the opportunity to buy 6180 or Trey Smith especially after having bounced off the 50{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} dipping to the 6180 retracement 5450 would have been a lot more attractive you know today because because yesterday buyers didn't gain traction for the reference today gapping up above yesterday's I would have indicated reinforcements arrived strong handed reinforcements that's one way to overcome buyers not gaining Traction in their rally effort another way to overcome buyers not gaining Traction in the rally effort is to take price down to where stronger handed buyers would be interested that would have been 5450 so it's tough to get bullish here no we do have this morning and it's got to be inhibiting so that's about to be announced and then there's the Mario draghi press conference so what we're looking at here red put in a play the next hour so dragons at cetera and certainly being tested here I had a b c d Looney's impossible pattern to justify stepping in front of other than for sale retracement back down to lower prioritize given that opportunity to buy a test of to of Monday size 8179 I would certainly be interested in doing that and of course the Euro which completed a correction the measurements previously let me know if you need to see them again it's been somewhat of coiling back up to it that these are inside days that are there not terribly by step word which is why we don't regard them as buyers being weak handed in other words buyers producing intraday uptrend but not getting anywhere for the effort because they're inside days you know I guess they for instance that trended down if anything so there's still skepticism in here if not at least restrained optimism and that doesn't necessarily so much as their not being any downside requirement so really at this point that's going to get it labeled anything above basically 11971 1965 is likely to retest last week size overnight on that has yet to be repeated but it's likely to be repeated actually so long as the support silver holding 1790 again and again and again that was the target of the rally which was leapfrogged over hasn't been rejected and so it's formed a congestion it's likely to bring price back up to in case of a negative reaction which job at this point we're price is right before so long as it's not overly optimistic it is essentially a position of strength that can at least or would at least be likely to absorb a reaction dad especially so long as it holds 295 and that's what makes 295 exit 94 95 likely to hold if tested because any lower would be more bearish .

Pre-open recovery loses sponsorship. Rallying through the ECB events continued ignoring the Globex open's spike down. The open was greeted 1 tick short of this morning's 2469.00 bias-up signal, and short of yesterday's highs. As was suspected, buyers were already expended from the overnight recovery, so that's as good as it got. The first reaction down corrected almost entirely. The second reaction down slid to 2460.00-2461.00. The bias-down signal was still being tested at 10:15 to invoke the grace period. Its test was repeated at 10:30 to trigger noN-bias.

RSIs had improved to the point of diverging positively. That didn't require a bounce, but it bounced. The open is being attacked up to 2467.25. That's not far from the 2469.00 bias-up signal, despite the noN-bias signal not requiring an offsetting test.

Exiting the bias environment back under 2464.00 would start to signal the bounce was only a temporary correction. Fresh session lows and probably also a new downleg would be likely. Otherwise, entering the noon hour above 2469.00 would be credible for filling the gap back up to Friday's 2474.00 cash session close.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2466.50 2466.00 ...would target  2472.25  2472.00 Bias-down: under  2459.50 2459.25 ...would target 2454.00  2453.50 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.

Bouncing back down to session lows. This morning's 9-point drop to 2460.00 avoided both triggering bias-down and rejecting it. Its noN-bias environment's sharp 7-point was impressive, but also retraced entirely. The noon hour's retest of the morning's low attacked this afternoon's 2459.25 bias-down signal to within 1 tick. And also failed to trigger. But this is a no-bias environment. If tested, 2459.25 should define the window's lower-end. But not after the bias environment begins lapsing, or even comes within view. Hovering near the lows under 2464.00 would keep selling pressure well-positioned to easily unload into the close. No news would be needed -- just the overnight and morning recovery attempts being abandoned. Otherwise, back above 2466.00 would start to signal that the overnight and post-open drops had been absorbed. A retest of last Friday's range above would be targeted. Trading out the session within its current range isn't likely.

You received instructions for updating the Adobe add-on. I'll provide the link again after Friday's close, and before the Saturday Review... [I'm rolling coverage forward to Dec which trades at a 6-7 tick discount from Sep] Wednesday's post-close plunge wasn't actually rejected. And it was only eventually retraced. The initial shock to the system and the late rally combined to inhibit the open's gap up from extending. The open's gap u reacted down to retrace essentially all of the overnight recovery, if not the actual overnight low. Another bounce also failed. Firming through the afternoon bias environment wasn't reversed down, not for lack of trying. Firming again probed fresh afternoon highs after the futures close, too late to gain traction for its effort. Once again, gapping up above prior highs is required to launch a credible rally Friday morning. Already having rejected two consecutive too shallow gaps up, gapping up again Friday is likely to extend higher. So, not gapping up Friday is likely to trend back down. Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2468.25 2466.00 ...would target  2474.00  2472.00 Bias-down: under  2461.25  2459.25 ...would target  2455.75  2453.50 Signal status: NO-BIAS, TESTED BIAS-DOWN SIGNAL 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.