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 illiquidity had certainly exacerbated Tuesday's otherwise valid break under 2763.00. That same illiquidity probably contributed to Wednesday night's unusual open that saw the first minute plunge 71 points. Its reaction never recovered, and Thursday morning extended down to 2614.00. That was at the morning's bias environment exit, and the balance of the session trended back up to 2699.00. That took the day's loss to single digits, but positive territory wasn't recaptured, and no traction was gained for all that effort. A couple of important levels did hold their tests -- room for noise down to 2656.00, and the 2626.00 Thanksgiving prior low. Oversold RSIs were left outstanding at the low. Overnight action's new info... Globex has drifted lower since yesterday's close, eventually greeting Europe's opens at 2670.00 "lower prior highs" from earlier yesterday. Its reaction has peaked twice at 2685.00. If, then... (notes to accompany the Tour recording) Does the overnight dip's pessimism supersede the optimism of yesterday's late surge, ahead of this morning's Employment Situation report? Actually, neither has gained traction that would offer any predictive value. The bigger question seems to be not how the market will react, but whether trending into the weekend is waiting for the reaction to pass. A knee-jerk reaction down to 2656.00 and/or 2626.00 that holds through the open or through the morning could resume yesterday afternoon's recovery. Failing to hold their retest could similarly resume Thursday morning's decline. Friday Factors could exacerbate either setup. First Trade... [Click here to view the Bias parameters] No preliminary levels are considered ahead of an Employment Situation report.

Relief rally reverses quickly to test support. Greeting the Employment Situation report at 2685.00 reacted up relatively shallowly to 2693.00, so wide is the range. This confirmed suspicion #1 that any focus on the report was mostly to get beyond it, and not that its data or reaction would guide intraday price action. Suspicion #2 was that the shallow reaction would be rewarded with a relief rally, to whatever degree, probing above yesterday's late 2699.00 high. That arrived in a post-open surge to within 5 ticks of this morning's 2711.00 bias-up target. Then sellers arrived, and the action really began. Reversing back under the 2702.50 bias-up signal put into play an offsetting test of the 2680.25 bias-down signal. Which was touched within 3 minutes of 10:15 to invoke the grace period. And then triggered through 10:30. The 2668.00 bias-down target was soon pierced by 2 ticks. Fresh lows after both 10:10 and 10:30 are difficult to reverse, regardless of the objectives being met -- especially when the low is accompanied by simultaneously oversold RSIs. So, be careful with buy signals, the earliest being back above 2680.25. The downside's limitation is to tests of 2656.00 and 2626.00.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2668.00 2668.25 ...would target 2679.50 2679.75 Bias-down: under 2650.00 2650.50 ...would target 2642.50 2643.00 Signal status: LATE NO-BIAS, TESTED BIAS-DOWN SIGNAL . NEW: 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.

If sellers aren't finished, then they're just getting started. This morning's reversal of its post-o0pen relief rally has extended down to 2642.50. That tests the afternoon bias-down target by 2 ticks. The 2650.50 bias-down signal held through its grace period to trigger late no-bias. But it's still being tested. And this is a Friday. A late bias signal is already less reliable. Extending to fresh lows would likely target 2626.00. Which already held a test yesterday, so there's no bullish reason to be revisiting it. Extending lower probably requires participants to become impatient with not bouncing again into the close. Back above 2662.00 would start to signal that bounce underway. Until then -- whether during or after this afternoon's no-bias environment lapses -- the pattern remains vulnerable to extending down.

Friday's opening relief rally reversed down 86-1/2 points from 2710.00 to 2623.00 into the final hour. Its reaction up to 2652.00 stopped just short of 2656.00, but only fell back down to 2631.00 and closed above 2626.00. Only above 2626.00. The next lower objective at October's 2603.00 low wasn't put into play, but the retest of Thanksgiving's low wasn't rejected. No hold-short setup was triggered, but the pattern is still at risk of extending down sharply without delay. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 AM ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2643.75 2644.00 ...would target 2655.75 2656.00 Bias-down: under 2627.75 2628.25 ...would target 2617.25 2617.75 Signal status: BIAS-DOWN, BIAS-DOWN TARGET MET . NEW: 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.