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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... Has 2892.00-2894.00 ended another rally? Thursday's rally was the steepest to test it, originating from Wednesday's 2853.00 close and the 2840.00 overnight low. Wednesday afternoon had delayed a bullish setup that was likely to explode higher. Gapping up Thursday to 2860.00 compensated for the delay by trending straight up to touch 2894.00 just after noon. That's the same 2892.00-2894.00 resistance which had held multiple bounces and rallies for weeks. And once again, its resistance pushed back, as the afternoon trended back down to 2873.00. That retracement came within 2 ticks of 2867.25-2872.25, where closing any lower would have rejected the session's upleg. Overnight action's new info... A very late buy signal had triggered into Thursday's close. Its 2882.00 target was soon met, and pierced by 2 ticks. Its retest reversed back down and extended to fresh lows before midnight. The reversal continued down to 2861.00. RSIs diverging positively produced a 10-point bounce that has now dipped back down to 2862.00. If, then... (notes to accompany the Tour recording) Not closing under 2867.25-2872.25 Thursday had suggested that probing under it this morning would likely be only temporary backing-and-filling, before recovering into the afternoon. Otherwise, exiting the open's window under Thursday's 2860.00 open could serve by proxy as if Thursday's close had already broken under 2867.25-2872.25. Overnight is attempting the latter, which could extend to 2837.00 or 2824.00. But if you aim for the king, you had better kill the king -- expending so much energy to form the setup rejecting yesterday's rally, but not triggering the setup, could be just as bullish as it would have been bearish. The gap back up to 2878.25 would be targeted, and then 2883.50, if not also a recovery above yesterday's highs to at least 2917.00-2919.00. Regardless of the next leg's direction, we'll be monitoring for whether a bullish WedEX is influencing the afternoon. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2862.00 would be likely also to exceed the 2864.50 bias-down target at 10:15 to renew the bias-down signal. Exiting the open under 2870.25 would be likely at least to trigger the 2873.00 bias-down signal at 10:15. Exiting the open above 2877.00 would be unlikely to trigger bias-down.

Now BETWEEN rocks and hard places. The overnight drop extended well below yesterday's 2860.00 open. There was ample opportunity to maintain its break through the open, and to reject yesterday's rally by proxy. But 2860.00 was still being overlapped halfway through the opening 15 minutes of volatility, which isn't in-line with exploiting the opportunity to reject it. At 9:45, 2867.50 had been tested.

The attempt to reject yesterday's rally by proxy had failed.

But the 2864.50 bias-down target was exceeded through 10:15 to renew the bias-down signal. Its 2857.50 renewed bias-down target was then fulfilled. There is no "unfinished business" below.

Recovering the 2873.00 bias-down signal at 10:30 could have invalidated its 10:15 signal. In fact, 2873.00 was being tested at 10:30. But not recovered, so bias-down is not invalidated.

There are other mixed signals. Friday morning bias signals tend to persist through the noon hour, but now 2873.00 is being probed during the bias-down environment. Its retracement at some point is required, perhaps also to the 2860.00 10:15 print. That retracement might be awhile in coming. The 2873.00 bias-down signal is being probed up to its 2884.50 bias-up signal. The timing suggests the catalyst is not organic, and that a headline may be appearing soon. Regardless of a pullback, and no matter how deep, sellers had their chance to retake control and failed.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2879.25 2880.50 ...would target 2885.75 2887.00 Bias-down: under 2871.75 2873.00 ...would target 2862.50 2863.75 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.

Settling in around unchanged. This morning's rally got to 2887.50 before finally reversing back down to its "unfinished business" below.  That was the morning's 2873.00 bias-down signal, which had failed its 10:30 recovery attempt to invalidate having triggered cleanly at 10:15. Extending higher anyway just requires its eventual retracement. Its retracement was done before entering the noon hour, which extended down to 2869.00. Now the afternoon's bias parameters have avoided triggering. And another Friday afternoon prepares to drift into sideways into the weekend. Having said that, we're still monitoring for bullish influence by the WedEX signal. Combined with this morning's sellers having failed to retake control, higher or flat-to-higher wouldn't be surprising. Meanwhile, the burden of proof is on sellers, and would be credible if the bias environment were to lapse in decline.

Despite coming so close, Thursday afternoon's drop had stopped 2 ticks short of the 2867.25-2872.25 range. Probing into the range or breaking under it would have invalidated the morning's rally. Alternatively, exiting Friday's open under Thursday's 2860.00 open would have served by proxy to reject the morning's rally. Despite opening lower, the open recovered, and all bias-down targets were tested. after renewing the bias-down signal. Then the morning surged above the 2873.00 bias-down signal to 2887.50, during the bias-down environment. That requires being retraced, at least to the 2873.00 bias-down signal, and often also retraces the 10:15 print which was 2860.00. The required retracement of the 2873.00 bias-down signal 2873.00 was fulfilled while dropping to the noon hour's 2869.00 low.

The balance of the afternoon could have drifted flat-to-higher -- perhaps attracted back up to retest overbought RSIs at the morning's 2887.50 high. But a China trade headline ambushed the unsuspecting range, which collapsed back down to 2860.00.

Overbought RSIs at the 2887.50 require an eventual retest. The 2877.00 origin of the China trade headline is usually retraced. Perhaps these attractions outstanding above will reassert the bullish WedEX influence that the headline inhibited. Otherwise, maintaining an open under 2850.50 would now keep sellers in control. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US FOR SATURDAY REVIEW AT 9:30 ET.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2870.25 2870.25 ...would target 2875.00 2876.00 Bias-down: under 2854.50 2854.75 ...would target 2846.25 2847.50 Signal status: BIAS-DOWN, BIAS-DOWN 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.