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... Thursday's open was greeted already in recovery from overnight 3-day low. Multiple bullish setups developed pre-open and post-open Thursday. Both the pre-open Globex-flip and Isolation setups qualified, and although it's premature to judge their influence, they can be criticized for not producing a trending session. But the post-open bias-up signal quickly fulfilled its target. And two intraday probes above 2896.00-2898.00 [2892.00-2894.00 basis Jun] were reversed to ultimately close below the critical range -- the cash session did close IN the range at 2897.00 [2893.00 basis Jun], only thanks to a surge that hadn't yet begun within 3 minutes of the cash session close. So, buyers gained no traction for their efforts. Overnight action's new info... After extending slightly higher through the futures close up to 2899.50, Globex gapped down to retrace 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of Thursday's last-minute surge. The retracement was soon extended to 2893.00, where a 10-point rally probed 3 points above Thursday's intraday highs. And that was all for the upside. Consolidating narrowly through midnight suddenly began reversing down. That has extended to retrace the rest of yesterday's last-minute surge, probing the intraday lows by 1 point down to 2885.75. If, then... (notes to accompany the Tour recording) [COVERAGE ROLLS FORWARD NOW TO SEP, WHICH TRADES AT A 4-POINT PREMIUM TO JUN]... Unless absorbed immediately and rejected by surging through the open, yesterday's Isolation and Globex-flip setups will be neutralized. They're already deficient by having allowed yesterday's non-trending session. Just printing under yesterday's lows would further undermine their influence further. In their favor, but not to their credit, is the difficulty of suddenly launching a breakout at the open. That's currently what sellers are indicating, and that rarely works. Bouncing back into the range this morning would give the recovery another chance to gain traction, but that attempt would have its own challenges, too. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 under 2885.50 would be likely to trigger the 2888.50 bias-down signal at 10:15. Exiting the open above 2892.00 would be unlikely to trigger bias-down.

Waiting too long to try trending. This morning's Market Tour had noted the late attempt to probe under yesterday's 2887.00 low. Yesterday was a sideways range, and its breakout wouldn't be likely by such late sponsorship. In fact, a 10-point bounce attacked 2896.00 into the open. That bounce also retraced 61.8{faed0d6dca04cec8b6b7985efddb9b0651107a3aebb05f69f0166038b8c951f6} of the overnight slide after having probed yesterday's highs. That's a correction, and it allowed overnight sponsorship to combine with post-open sellers and to try trending again. But not after the opening 15 minutes of volatility, when overnight influences wane. Another breakout attempt probed a little lower down to 2884.25. It failed, too. Meanwhile, four of the first hour's five 15-minute checkpoints all overlapped the same relevant level -- within 3 ticks of the 2888.50 bias-down signal. This forms the "dry cleaners morning" setup which reflects a lack of momentum, and tends to forecast a choppy and/or sloppy morning window. Meanwhile, triggering noN-bias prevents at least having a limit or an attraction in-play. The bias-down signal isn't required to hold as a low, and an offsetting test of the 2902.00 bias-up signal isn't required. Fridays rarely break ranges later in the day after having failed early attempts, but we'll leave that question open for late-afternoon..

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2891.25 2896.00 ...would target 2897.25 2902.00 Bias-down: under 2881.50 2886.50 ...would target 2875.50 2880.50 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.

No buying, either. The open's probes under this morning's 12888.50 bias-down signal and yesterday's 2887.00 lows all failed to extend. Failed breakout and trending attempts aren't unusual for Friday mornings. The balance of the session usually converts that trapped sponsorship into energy for reversing direction. Just gravitating back to the range's other end also becomes vulnerable to accelerating into the weekend. It's a fairly reliable Friday setup. But the reversal depends upon exploiting the early failure(s). Yet reactions from this morning's attempts to break lower haven't even threatened to turn positive. Sellers aren't being trapped, they're chipping away at support. The balance of the session may remain within the range, if only to gravitate back to its 2899.00-2902.00 upper-end. But the window remains open to probing fresh lows for the week down to 2867.00-2868.00, possibly getting underway before the bias environment even begins lapsing. REMINDER: Join us at 9:30am ET for this weekend's Saturday Review.

Thursday's last-minute surge to 2899.50 had been rejected by the Globex open gapping down and testing 2893.00. Fresh highs overnight were also rejected by trending down to probe under Thursday's lows to 2886.00. Post-open attempts to extend down only attacked 2884.00. But Thursday's lower-end was as resilient as its upper-end, and also pushed price back into the range. Back into the range, but not back to its other end. Not even out of negative territory, let alone back to unchanged. The 2892.00 origin of Thursday's last-minute surge held as resistance through the morning and afternoon bias environments. Not exploiting the vulnerability to resolve down created the vulnerability to resolve up. Which the final hour's entry exploited by rallying back up to Thursday's last-minute 2899.50 high. Its reaction back down to 2892.00 once again rejected an intraday probe above 2896.00-2898.00. Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 ET FOR THIS WEEK'S SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2895.25 2900.00 ...would target 2902.75 2907.50 Bias-down: under 2883.00 2888.00 ...would target 2877.00 2882.00 Signal status: NO-BIAS . 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.