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 record-setting rally pulled back overnight, but not until after probing a fresh high up to 2481.50. Its reaction down to 2422.50 greeted Thursday's open during a bounce up to 2445.00. The morning's lower low at 2412.50 also bounced up to 2445.00. The afternoon's lower low attacked 2396.00 to within 3 ticks. Any lower would no longer be only a correction of Wednesday's record-setting rally. Meeting and holding corrective limits enabled the rally to resume, which Thursday's last 60-90 minutes exploited fully. The minimum likely objective for fresh session highs above 2445.00 was doubled, attacking 2499.00 through the futures close -- 102 points off the low. Overnight action's new info... The surge's initial reaction dipped to touch Wednesday's 2477.75 high. Channeling higher into midnight probed fresh highs attacking 2506.00. Its pullback to 2582.50 hovered there waiting for Europe's opens, which had a bullish effect. Now another upleg has come within 6 points of the next higher objective at 2519.25. Its reaction down is testing 2506.00 as support. If, then... (notes to accompany the Tour recording) Resuming and extending the rally today was likely to target 2525.25. Greeting the open there, or quickly meeting it, could induce the next reaction down. And the next reaction down need not be limited to just being a temporary correction. In other words, the rally from Tuesday night's 2317.00 low can still qualify as the correction, as the bear market rally of an ongoing decline. Such is the potential influence of Friday Factors, which may already be responsible for yesterday's portion of the recovery attempt. Not already reversing down by 9:45 could instead see the Friday Factors have a bullish influence. Extending to 2548.00-2546.00 or potentially 2606.00 could still qualify as only a corrective bear market rally. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2498.00 would be unlikely to trigger the 2502.75 bias-up signal at 10:15. Exiting the open above 2505.00 would be likely to trigger bias-up. Exiting the open above 2517.50 would be likely also to exceed the 2514.75 bias-up target at 10:15 to renew the bias-up signal.

Opening range struggles to hold yesterday's high. Overnight action was comprised of two uplegs and their interim reactions down. Each reaction down has probed back under yesterday's high. None of which would prevent extending the rally, or resuming it since the rally has yet to extend. But the open did fail to trigger bias-up.

Now an offsetting test of the 2481.75 bias-down signal is in-play, having held a test of the 2502.75 bias-up signal through 10:15. That's the bias requirement, and already fresh post-open lows are testing 2487.75.

Structurally, no further downside is required before trying to resume the rally. Back above 2503.75 would trigger a retest of the 2519.25 overnight high, probably up to 2525.25. All being doomed to failure for having originated from so low, so late.

Meanwhile, a test of the 2481.75 bias-down signal wouldn't be required to hold. This being a Friday, any suggestion that the rally won't resume today could be the catalyst to attract significant selling pressures. A much deeper reversal would become possible.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2502.75 2502.50 ...would target 2511.25 2511.00 Bias-down: under 2484.50 2484.25 ...would target 2477.25 2477.00 Signal status: NO-BIAS . 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.

Three distinct probes above Thursday's 2499.00 high each reacted back into negative territory Friday. Each reaction down was on the precipice of reversing the trend down, but held. A lot of buying pressure was expended to counteract the last reaction down. It was testing the afternoon's 2482.00 low before entering the position-squaring window at 3:37. Already having probed a fresh high, there was no unfinished business above requiring a retest. So, Monday's likely resolution is either to compensate for Friday's delay by gapping down, or else for a gap up to probe fresh highs. Gapping down could extend, if not collapse, as the market realizes two things: 1) that everyone has been front-running themselves to already deploy quarter-end and year-end purchases, and 2) that the recovery from Tuesday night's 2317.00 low has been a temporary bear market rally. A slightly higher high testing 2525.25 would be preferable before reversing down, but not necessary. Gapping up could soon fulfill 2525.25, and either reverse down from there or else extend to the next higher bounce potential at 2548.00-2556.00. Details and other markets coverage are discussed in the post-market Wrap recording here. THERE IS NO SATURDAY REVIEW THIS WEEKEND.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2495.75 2495.50 ...would target 2504.75 2504.50 Bias-down: under 2481.50 2481.50 ...would target 2474.00 2474.00 Signal status: BIAS-UP, BIAS-UP TARGET MET . 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.